Sunzen Biotech Berhad (KLSE:SUNZEN) signed a share sale agreement to acquire 70% stake in Ecolite Biotech Manufacturing Sdn Bhd from Chum Mun Cuan and Lim Poh Chuw for MYR 12.25 million on January 26, 2018. As part of consideration, Sunzen Biotech Berhad will issue 40.85 million shares to Mun Cuan and Lim Poh Chuw. Sunzen Biotech Berhad will acquire 65% stake from Chum Mun Cuan and 5% stake from Lim Poh Chuw. Upon completion Ecolite Biotech Manufacturing Sdn Bhd will be a 70% owned subsidiary of Sunzen Biotech Berhad. Ecolite Biotech Manufacturing Sdn Bhd reported total revenues of MYR 48 million, total assets of MYR 45.5 million, earning before interest and taxes of MYR 2.45 million and total common equity of MYR 17.9 million for the year ended September 30, 2017. The transaction is subject to approval of Sunzen Biotech Berhad's shareholders. Extra ordinary general meeting will be held on May 30, 2018. The transaction is subject to approval by Bursa Securities, for the listing of and quotation for the consideration shares. On March 6, 2018, the listing application in relation to the proposed acquisition has been submitted to Bursa Malaysia Securities Berhad. As of April 13, 2018, Bursa Malaysia Securities Berhad approved the listing of new shares on stock exchange. As of May 30, 2018, all conditions precedent set out in the share sale agreement have been performed or satisfied and the share sale agreement has become unconditional. The Board of Sunzen Biotech Berhad recommended the shareholders to vote in favour of the transaction. The acquisition is expected to be completed in early June, 2018. M & A SECURITIES Sdn. Bhd. acted as financial advisor for Sunzen Biotech Berhad.