Zinton Sdn Bhd agreed to acquire Poly-Ply Industries Sdn. Bhd from Cymao Holdings Berhad (KLSE:CYMAO) for MYR 9.1 million on July 8, 2020. Post completion Poly-Ply will cease to be a wholly-owned subsidiary of Cymao. The purchase consideration shall be satisfied entirely in cash and paid as follows MYR 0.91 million, equivalent to 10% of the purchase consideration shall be payable upon the execution of the agreement, MYR 6.37 million, equivalent to 70% of the purchase consideration at the completion and the balance of MYR 1.8 million equivalent to 20% of the purchase consideration shall be payable to Cymao within a period of six months from the completion of the proposed disposal. If the amount is not paid in six months then Zinton will pay interest on the sum remaining unpaid at the rate of 8% per annum calculated on a day to day basis commencing from the day after the said six months until the date of full payment thereof. The proposed disposal is subject to Cymao’s shareholders’ resolution approving the proposed disposal in accordance with the requirements of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad at the EGM, Cymao’s directors’ resolution approving the proposed disposal and if required, in respect of all corporate guarantees which were given by Cymao in connection with PolyPly’s obligations as of the date of the agreement, the parties shall have procured that Cymao shall be fully released and discharged of all such corporate guarantees with effect before or by completion. The proceeds arising from the Proposed Disposal of MYR 9.1 million are intended to be utilized for capital expenditure, working capital, and for estimated expenses for the proposed disposal. As of December 31, 2019, Poly-Ply Industries Sdn. Bhd. has total assets MYR 12.2 million and net liabilities MYR 0.46 million. The transaction is expected to close on expected to be completed in the fourth quarter of year 2020. Sierac corporate advisers acted as independent fairness opinion provider to Cymao Holdings Berhad (KLSE:CYMAO). Zinton Sdn Bhd completed the acquisition of Poly-Ply Industries Sdn. Bhd from Cymao Holdings Berhad (KLSE:CYMAO) on December 11, 2020. All the conditions of the transaction are met on December 4, 2020.