Trive Property Group Berhad (KLSE:TRIVE) entered into an agreement to acquire Pakadiri SDN BHD from Hussin bin Omar and Hapipah binti Abd Manaf for MYR 19.6 million on September 6, 2016. Trive will acquire 0.25 million shares of Pakadiri. The cash payment of MYR 19.6 million will be distributed to the two current shareholders of Pakadiri based on their equity share; Hussin bin Omar owns 63.4%, while Hapipah Abd Manaf owns the remaining 36.6% in Pakadiri. Half of the consideration shall be financed by internally-generated funds and the remaining by bank borrowings to be obtained. Pakadiri reported net income of MYR 3.8 million and net assets of MYR 3.8 million for year ended as on March 31, 2016. The acquisition is subject to approval of the shareholders of Trive at an extraordinary general meeting. The meeting is scheduled on December 13, 2016. As on November 24, 2016, the Board of Trive recommended its shareholders to vote for the transaction. The transaction is not expected to have any material impact on the earnings per share of Trive Group for the financial year ending January 31, 2017. The acquisition is expected to close by fourth quarter of 2016. As of January 13, 2017, completion date shall be extended to be on or before January 31, 2017. Mercury Securities Sdn. Bhd. acted as financial advisor for Trive Property Group. CHeston International (KL) Sdn. Bhd. acted as valuer in the transaction. As on December 13, 2016 the transaction fulfilled all its conditions. Trive Property Group Berhad (KLSE:TRIVE) completed the acquisition of Pakadiri SDN BHD from Hussin bin Omar and Hapipah binti Abd Manaf on January 26, 2017.