Inix Technologies Holdings Berhad (KLSE:INIX) entered into share sale agreement to acquire additional 19% stake in Galactic Maritime (Malaysia) Sdn Bhd from Yang Xiaowen for MYR 4.6 million for cash on January 19, 2017. Under the terms of transaction the deposit of MYR 0.46 million shall be paid on the execution of agreement, and MYR 2.9 million shall be paid to the vendors within 14 days from agreement date becomes unconditional and earnout payments of MYR 0.14 million shall be retained by the Inix Technologies Holdings Berhad and be dealt in the event Galactic Maritime (Malaysia) Sdn Bhd is able to achieve an audited profit after tax of at least MYR 3 million for the first audited year, an amount which is equivalent to MYR 0.57 million shall be paid and in the event Galactic Maritime (Malaysia) Sdn Bhd is able to achieve an audited profit after tax of at least MYR 3 million for the second audited year, an amount which is equivalent to MYR 0.57 million shall be paid by Inix Technologies Holdings Berhad. The transaction will be funded through combination of internally available funds of the Inix Technologies Holdings Berhad and its subsidiaries and proceeds from the recently exercised share issuance scheme options of Inix Technologies Holdings Berhad. The transaction is subject to approval of Directors of Inix Technologies Holdings Berhad, necessary government or regulatory or third party approval. The transaction is not subject to the approval of the shareholders of Inix Technologies Holdings Berhad. The Board of Directors of Inix Technologies Holdings Berhad is of the opinion that the proposed acquisition is in the best interest of Inix Technologies Holdings Berhad. The transaction is expected to close in first half of 2017. The transaction is is expected to contribute positively to the earnings, EPS and NA of the Inix Group for the financial year ending July 31, 2017.