Cloudpoint Technology Berhad entered into a binding term sheet to acquire 75% stake in Uniqcen Sales and Services Sdn Bhd fromFoo Choy Lim, Wong Wee Kiong and Tan Ki Lok for MYR 12.3 million.

Cloudpoint Technology Berhad (KLSE:CLOUDPT) entered into a binding term sheet to acquire 75% stake in Uniqcen Sales and Services Sdn Bhd fromFoo Choy Lim, Wong Wee Kiong and Tan Ki Lok for MYR 12.3 million on February 6, 2024. The earnest deposit, 3% of total purchase consideration was paid on February 6, 2024 in accordance to the terms of the term sheet and was funded via Cloudpoint?s internal funds. The acquisition is conditional upon satisfactory due diligence, receipt of all approvals and third-party consents, USSSB to complete the acquisition of 100.0% equity interest in Uniqcen Sales & Services (Southern) Sdn Bhd (?USSS?) from the existing shareholders, shareholders approval of the vendors and purchaser and board approval of Cloupoint.

The acquisition is expected to contribute positively to the future earnings and improve the financial position of Cloudpoint. M & A Securities Sdn Bhd is acting as the principal adviser to in the transaction.