Lay Hong Berhad (KLSE:LAYHONG) entered into a conditional share sale agreement to acquire remaining 50% stake in Sri Tawau Farming Sdn Bhd from Innofarm (Klang) Sdn Bhd for MYR 25.2 million on June 8, 2021. The purchase consideration is subject to adjustment and will be settled via the issuance of 80 million new ordinary shares in Lay Hong Berhad at an issue price of MYR 0.35 per Share. Upon completion of the acquisition, Sri Tawau Farming Sdn Bhd will become a wholly-owned subsidiary of Lay Hong Berhad. For the financial year ended March 31, 2021, STF recorded an audited consolidated profit after tax of approximately MYR 3.5 million, earnings before taxes, depreciation, and amortization of MYR 12.39 million and revenues of MYR 216.65 million. As at March 31, 2021, STF has audited total assets of MYR 177.36 million and consolidated net assets of MYR 78.18 million. The transaction is subject to regulatory, third party and shareholders approval of LHB and STF as well as listing/approval of new shares on stock exchange. The transaction is also inter conditional on the exemption for Dato? Yap Hoong Chai and its parties acting in concert from the obligation to undertake the mandatory offer for Lay Hong Berhad. As of November 22, 2021, Securities Commission Malaysia has approved the transaction. The transaction is expected to be completed by third quarter of 2021. As of July 2, 2021, listing application has been submitted. As of July 29, 2021, Bursa Securities had approved the listing?and quotation of 80,000,000 new LHB Shares for the proposed acquisition. As of October 5, 2021, the Board of Lay Hong Berhad recommended the shareholders to vote in favor of the transaction. The transaction is expected to complete within 14 business days after the day upon which all conditions precedent have been fulfilled or mutually waived. The transaction is expected to be completed in early December 2021 and is expected to have a positive impact on Lay Hong Berhad. Leow Kar Hue and Calvin Chun of cfSolutions Sdn Bhd acted as the independent adviser to the non-interested Directors and shareholders of LHB for the Proposed Acquisition. AmInvestment Bank has been appointed as the Principal Adviser for the transaction. Lay Hong Berhad (KLSE:LAYHONG) completed the acquisition of remaining 50% stake in Sri Tawau Farming Sdn Bhd from Innofarm (Klang) Sdn Bhd on December 6, 2021.