TASCO Berhad (KLSE:TASCO) entered into an agreement to acquire MILS Cold Chain Logistics Sdn Bhd from Swift Integrated Logistics Sdn Bhd for MYR 29.9 million on January 23, 2017. Pursuant to the agreement, TASCO Berhad will acquire 3 million ordinary shares, 2.8 million redeemable convertible preference shares and loan owed by MILS Cold Chain Logistics Sdn Bhd to Swift Integrated Logistics Sdn Bhd. TASCO Berhad will pay MYR 9.9 million for the share acquisition and MYR 20 million for the debt owed by MILS Cold Chain Logistics Sdn Bhd to Swift Integrated Logistics Sdn Bhd. TASCO shall pay sum equivalent to 3% of the share purchase consideration as deposit with TASCO’s solicitors as stakeholder as the 3% retention sum for the real property gains tax, 7% of the consideration as deposit to Swift Integrated Logistics Sdn Bhd and the remaining balance of MYR 28.9 million shall be paid on completion. TASCO Berhad paid MYR 0.99 million as deposit on January 23, 2017. The deposit for share purchase consideration shall be funded through internally generated funds, the balance consideration for share purchase and loan settlement shall be funded through borrowings or via advances from Yusen Logistics Co Ltd. Upon completion of the acquisition, MILS Cold Chain Logistics Sdn Bhd will become a wholly-owned subsidiary of TASCO. The parties agree that in the event any party materially breaches any of party’s obligations under the agreement, the non-defaulting party shall serve a written notice to the defaulting party specifying the breach and requiring the defaulting party to remedy such breach within 30 days from the date of such notice or such other period as may be mutually agreed between the parties in writing. If the agreement is terminated, TASCO’s solicitors shall refund the 3% RPGT retention sum to TASCO free of interest within 14 days from such termination and all documents deposited by the party with the other party and/or the other party's solicitors shall be returned. MILS Cold Chain Logistics Sdn Bhd reported shareholders’ equity of MYR 15.28 million as at November 30, 2016. The transaction is subject to approval of shareholders’ of Swift Integrated Logistics Sdn Bhd, approval of shareholders’ of TASCO Berhad and completion of acquisition of properties. The conditions shall be fulfilled within six months from the date of agreement or such other period as may be mutually agreed by the parties. As on June 29, 2017, the transaction was approved by the shareholders of TASCO Berhad. The transaction is expected to be completed in the second quarter of 2017 and is expected to contribute positively to the earnings and earnings per share of TASCO for the ensuing financial years. As of August 1, 2017, the transaction is mutually agreed to an extension of time up to September 4, 2017. As of August 30, 2017, the transaction is mutually agreed to an extension of time up to October 4, 2017. As of October 9, 2017, the transaction is mutually agreed to an extension of time up to October 18, 2017. On November 16, 2017, the parties agreed to a further extension of time up to November 30, 2017 for the fulfillment of the conditions precedent to the agreement. RHB investment Bank Berhad acted as the financial advisor to TASCO Berhad.