IFCA MSC Berhad (KLSE:IFCAMSC) entered into a Heads of Agreement to acquire PT IFCA Consulting Indonesia from DP Capital Limited and Musa Dirgantara for MYR 45.1 million on May 20, 2015. As on September 3, 2015, IFCA MSC Berhad (KLSE:IFCAMSC) entered into a business sale agreement to acquire PT IFCA Consulting Indonesia from DP Capital Limited and Musa Dirgantara. Under this agreement 50% of consideration is to be satisfied in cash and 50% is to be satisfied via the issuance of 16 million new ordinary shares of IFCA MSC Berhad. The cash consideration consist of MYR 4 million on closing of the transaction, the balance MYR 12 million divided into MYR 4 million each will be paid on achieving profit after tax on December 31, 2016, 2017 and 2018 respectively. The cash consideration will be funded from internal resources. PT IFCA Consulting Indonesia reported revenues of approximately MYR 7.84 million, profit after tax of MYR 3.04 million and net assets of MYR 8.21 million for the year ended December 31, 2014.

The transaction is subject to completion of a due diligence exercise, execution of advisory service and employment agreement, approval of shareholders of IFCA MSC Berhad and PT IFCA Consulting and approval of the regulatory authorities, the distributorship agreement entered into between IFCA International Limited and PT IFCA Consulting Indonesia dated May 27, 2005 is duly terminated. As of October 7, 2015, Malaysia stock exchange approved the consideration shares to be traded. The extra ordinary general meeting of the shareholders is scheduled for October 30, 2015. The transaction is expected to complete in early December, 2015. As on December 29, 2015, the conditions precedent under the transaction have been fulfilled and that the acquisition has become unconditional. RHB Investment Bank acted as financial advisor and Wong Wing Seong, Lee Joo Shang and Jowis Ng Siew Hui of BDO Capital Consultants Sdn Bhd acted as fairness opinion providers for IFSC MSC.

IFCA MSC Berhad (KLSE:IFCAMSC) completed the acqusiition of PT IFCA Consulting Indonesia from DP Capital Limited and Musa Dirgantara on January 6, 2016.