AWC Berhad (KLSE:AWC) entered into a conditional share sale and purchase agreement to acquire remaining 49% stake in Stream Group Sdn. Bhd from Skanda Rajah A/L S. Ratnam and Gan Geok Soon for MYR 110 million on September 14, 2023. In a related transaction, AWC Berhad entered into a conditional share sale and purchase agreement to acquire 51% stake in Premium Patents SDN BHD from Skanda Rajah A/L S. Ratnam and Gan Geok Soon for MYR 1. The total consideration will be fully funded through a combination of internally generated funds of AWC Group and bank borrowings.

The proposed acquisition in Stream Group which entails the acquisition by AWC of a total of 627,200 ordinary shares in Stream Group, representing the remaining 49% equity interest in Stream Group for a cash consideration of MYR 110,000,000, subject to the terms and conditions of the share sale and purchase agreement. The transaction is subject to receive approval of the shareholders of AWC at an extraordinary general meeting, AWC having procured the approval or clearance of all other governmental, public or regulatory authorities whose approvals are considered necessary or expedient by AWC in relation to the purchase of the Stream Group Sale Shares. The proposed acquisition in Stream Group and the proposed acquisition in Premium Patents are inter-conditional upon each other.

The board of director of AWC Berhad approved the transaction. The proposed acquisitions are expected to be completed by the first quarter of 2024.