Media Shoppe Bhd (KLSE:TMS) entered into a heads of agreement to acquire Viewnet Computer System Sdn Bhd from Pang Kim Moon, Ng Pak Yoong, Chong Quek Hin, and Lee Yoke Pei for MYR 11.3 million in stock on January 19, 2012. Media Shoppe Bhd is issuing 125 million shares as part of the consideration. The heads of agreement is valid for 9 months and the validity term may be extended with mutual consent from both parties. Viewnet Computer and Media Shoppe are desirous to enter into more detailed definitive formal agreement within nine months from the date of the heads of agreement. Upon completion of Viewnet Acquisition, Viewnet will be a wholly owned subsidiary of Media Shoppe Bhd. The Viewnet consideration shares will be listed and quoted on the ACE Market of Bursa Securities.

The transaction is subject to certain conditions as, the approval of the Board and shareholders of Media Shoppe Bhd, the approvals of the relevant authorities, Media Shoppe Bhd being satisfied with the results of its due diligence investigation and such other consents or approvals as may be required of a relevant third party.

As on January 20, 2012, Bursa Malaysia Securities Berhad asked for additional information for public release with respect to the transaction. Media Shoppe will conduct its due diligence. Media Shoppe will acquire 40% stake from Pang Kim Moon, 40% stake from Chong Quek Hin and Lee Yoke Pei and 20% stake from Ng Pak Yoong. As on May 11, 2012, the Media Shoppe Bhd entered into a conditional share sale agreement to acquire Viewnet Computer System Sdn. As of August 10, 2012, Hong Leong Investment Bank announced on behalf of the Board of Directors of Media Shoppe Bhd that Media Shoppe Bhd and the Viewnet vendors have mutually agreed to extend the Viewnet cut-off date and OA cut-off date for a further period of 3 months from August 11, 2012 to November 10, 2012, in view that the conditions precedent pursuant to the Viewnet share sale agreement were not yet fulfilled as at August 10, 2012. The completion of the sale and purchase of the Viewnet sale shares and the OA sale shares is now subject to and conditional upon the fulfillment of the conditions precedent pursuant to the Viewnet share sale agreement and the OA share sale agreement.

The Board of Directors of THE MEDIA SHOPPE approved the transaction. As on October 23, 2012, the cutoff date of the transaction has been extended from November 11, 2012 to January 10, 2013 and Media Shoppe and Viewnet Computer System agreed to return the consideration/deposit respectively in case of termination of the transaction. Hong Leong Investment Bank Berhad acted as a financial advisor to Media Shoppe Bhd.

Media Shoppe Bhd (KLSE:TMS) completed the acquisition of Viewnet Computer System Sdn Bhd from Pang Kim Moon, Ng Pak Yoong, Chong Quek Hin, and Lee Yoke Pei on January 8, 2013.