Sunzen Biotech Berhad (KLSE:SUNZEN) agreed to acquire additional 30% stake in Ecolite Biotech Manufacturing Sdn Bhd from group of sellers for MYR 18.2 million on December 20, 2023. The sellers in the transactions are Koh Lee Fong, Lim Wee Chun, Fam Jian Yap, Goh Hng, Goh Hock Sing,Goh Kai Kui,Goh Heng and Goh Huay Hin. Purchase Consideration shall be payable by way of cash and the remaining shall be payable by way of the issuance and allotment of the Ecolite Consideration Shares.

In related transaction, Sunzen Biotech Berhad will also acquire 30% stake in Yanming Resources Sdn Bhd. The cash portion of the Purchase Consideration will be financed from internally generated funds of the Company. Transaction is subject to regulatory approval, apprvoal from lender and completion of separate transaction.

M&A Securities Sdn Bhd is acting as financial advisor to Sunzen Biotech Berhad. As of May 3, 2024, the Company is in the midst of negotiating with the Ecolite Vendors and Yanming Vendors to vary certain terms of the respective share sale agreements in connection with the profit guarantee. Pending the finalisation of the supplemental agreements to vary the respective share sale agreements, the Company wishes to announce that it has on 3 May 2024, submitted the withdrawal of its additional listing application which was made on January 19, 2024.

Proposed Acquisitions to complete by the first half of 2024.