Southern Score Sdn Bhd entered into the memorandum of understanding to acquire G Neptune Berhad (KLSE:GNB) from Super Advantage Property Sdn Bhd in a reverse merger transaction on December 31, 2020. Southern Score Sdn Bhd entered into a conditional sale of shares agreement to acquire G Neptune Berhad (KLSE:GNB) from Super Advantage Property Sdn Bhd for approximately MYR 250 million in a reverse merger transaction on July 9, 2021. G Neptune Berhad shall issue 16.8 billion shares as consideration at MYR 0.015 per share.

After completion of the acquisition, the following individuals are proposed to be appointed as the new directors of G Neptune, Tan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score, Gan Yee Hin, Chief Executive Officer of Southern Score, Datuk Sydney Lim Tau Chin, Executive Director of Southern Score.

The transaction is subject to the results of financial, technical, tax and legal due diligence inquiry to be conducted by G Neptune and Super Advantage on each other, approval of relevant authorities for G Neptune's proposed regularization plan which includes, amongst others, the acquisition and approval from the shareholders of G Neptune, SC's Equity Compliance Unit, approval of the board of G Neptune and Southern Score, approval of Southern Score shareholders, execution of escrow agreement and any consents or approvals necessary from any governmental or regulatory body or competent authority or third party having jurisdiction over the transaction having been granted, waived or obtained. The memorandum of understanding is not expected to have any effect on the earnings per ordinary share in G Neptune, net assets per Share and gearing of G Neptune and its subsidiary as well as G Neptune's share capital and substantial shareholders' shareholding. The Board of G Neptune Berhad announced that the Parties had on June 30 , 2021, mutually agreed in writing via a supplemental letter of extension to extend the terms as stated in the memorandum of understanding to July 31, 2021. As of July 8, 2022, G Neptune Berhad board has approved the transaction. As of July 28, 2022, On behalf of the Board of GNB, following announcement was made via its letter dated July 27, 2022 resolved to grant GNB an extension of time to comply with Rule 9.32(1)(b)(i) of the Listing Requirements in relation to the issuance of circular for the Proposed Regularization Plan as follows: (i) 14 market days after receipt of notification from SC that it has no further comments to the contents of the independent advice letter to the non-interested shareholders of GNB in relation to the Proposed Exemption; or (ii) 30 August 2022, whichever is later.

Southern Score Sdn Bhd completed the acquisition of G Neptune Berhad (KLSE:GNB) from Super Advantage Property Sdn Bhd in a reverse merger transaction on November 9, 2022.