Chong Hwa Cheong entered into an equity transfer agreement to acquire an additional 69.2% stake in Primeworth (M) Sdn. Bhd from Industronics Berhad (KLSE:ITRONIC) for MYR 0.04 million in cash on December 29, 2016. Under the terms of the transaction, Chong Hwa Cheong will pay MYR 0.02 million and assume all liabilities of Primeworth (M) Sdn. Bhd of MYR 0.03 million. Chong Hwa Cheong already holds 15% stake in Primeworth (M) Sdn. Bhd. As of September 30, 2016, Primeworth (M) Sdn. Bhd reported total assets of MYR 0.57 million, total negative liabilities of MYR 0.6 million. The proposed disposal is not subject to the approval of shareholders of Industronics Berhad (KLSE:ITRONIC) and any relevant government authorities. The transaction is expected to be completed within three months from the equity transfer agreement date. The net proceeds from the transaction are insignificant. The transaction will not have any material impact on the net assets, gearing, share capital and shareholdings of substantial shareholders of Industronics Berhad for the financial year ending December 31, 2016.