Sin Heng Chan (Malaya) Berhad (KLSE:SHCHAN) entered into conditional agreement to acquire 25% stake in KJ Technical Services Sdn Bhd from Lee Kok Choon and Sheldon Wee Tah Poh for MYR 7.8 million on January 26, 2017. Sin Heng Chan (Malaya) Berhad will acquire total of 0.18 million shares, 0.094 million shares each from Lee Kok Choon and Sheldon Wee Tah Poh. Under the terms of transaction, Sin Heng Chan (Malaya) Berhad will pay MYR 5 million in cash and issue 5 million Sin Heng Chan (Malaya) Berhad’s new shares. A deposit of MYR 0.2 million was paid by Sin Heng Chan (Malaya) Berhad to Lee Kok Choon and Sheldon Wee Tah Poh on January 26, 2017. The cash consideration of the transaction will be funded by internally generated funds of Sin Heng Chan (Malaya) Berhad. In a related transaction Sin Heng Chan (Malaya) Berhad (KLSE:SHCHAN) entered into a conditional agreement to acquire Tunas Cool Energy Bhd from Tunas Selatan Consortium Sdn Bhd and others for MYR 7.5 million. The transaction is subject to approval of shareholders of Sin Heng Chan (Malaya) Berhad, approval of Bursa Securities for the listing of and quotation for the consideration shares to be issued, having issued a written notice to the vendors that it is satisfied with findings of due diligence conducted on KJ Technical Services Sdn Bhd and the vendors having obtained the written consents of the CIMB Bank Berhad, which has granted certain credit facilities and having issued a written notice to Sin Heng Chan (Malaya) Berhad that it is satisfied with the findings of due diligence conducted. Sin Heng Chan (Malaya) Berhad shall grant to vendors the right to purchase all of KJ Technical Services Sdn Bhd shares held by Sin Heng Chan (Malaya) Berhad free from any interest or equity of any person or any mortgage, charge, pledge, lien, assignment, hypothecation, security, interest, title, retention or any other security agreement or arrangement at the price of MYR 10.5 million during such period commencing on date falling 18 months from the completion of transaction. The Audit Committee of Sin Heng Chan (Malaya) Berhad considers the deal as fair and reasonable. The transaction is expected to be completed within ten days after the last condition precedent is met or validly waived, or such other date mutually agreed in writing. As of April, 26, 2107, Sin Heng Chan agreed to extend the conditions precedent fulfillment period in relation to the transaction by an additional 45 days and now satisfaction or waiver of all conditions precedents to transaction has been extended from April 26, 2017, to June 10, 2017. On May 16, 2017, Bursa Securities approved the listing of new shares. On May 30, 2017, the due diligence is conducted by Sin Heng Chan (Malaya) Berhad and is satisfied with the findings. As of June 8, 2017 the transaction is approved by shareholders of Sin Heng Chan (Malaya) Berhad. On June 16, 2017, Sin Heng Chan (Malaya) Berhad and Lee Kok Choon and Sheldon Wee Tah Poh have agreed that all the conditions precedent to the share sale agreement have been met and accordingly. Share sale agreement has become unconditional. The completion of the transaction will take place on June 23, 2017. CIMB Group Holdings Berhad (KLSE:CIMB) acted as financial advisor for Sin Heng Chan (Malaya) Berhad.