Artroniq Berhad (KLSE:ARTRONIQ) entered into an agreement to acquire a 60% stake in Fujim Digital Sdn. Bhd. from Teoh Boon Thiam for MYR 12 million on July 15, 2022. Under the terms, Artroniq will acquire 156,000 ordinary shares of Fujim Digital which will be satisfied with a cash consideration of MYR 6 million and an issuance of new shares of Artroniq for MYR 6 million. A total of MYR 3 million in the new shares will be retained as profit guarantee if net profit of Fujim Digital is not less than MYR 2.1 million for the years 2023 and 2024. The cash consideration will be funded via internally-generated funds and/or bank borrowings. In the year ending in April 30, 2022, Fujim Digital generated a revenue of MYR 8.2 million, profit before tax of MYR 0.76 million, profit after tax of MYR 0.62 million and had net assets of MYR 2.5 million. The deal is subject to the approval of Bursa Securities for the listing and quotation of the shares to be issued on the ACE Market of Bursa Securities, the approvals of the shareholders of Artroniq and consent from the financial institutions for changes in shareholding. The deal participants shall enter into an Escrow Agreement with seller's solicitors to place the new shares retained in a pledged securities account to be held on trust. Malacca Securities Sdn Bhd acted as financial advisor to Artroniq. On September 29, 2022 Bursa Securities approved listing and quotation of up to 22.2 million Consideration Shares to be issued pursuant to the Proposed Acquisition.

Artroniq Berhad (KLSE:ARTRONIQ) Completed the acquisition of 60% stake in Fujim Digital Sdn. Bhd. from Teoh Boon Thiam on January 6, 2023.