EA Holdings Berhad (KLSE:EAH) entered a conditional sale and purchase agreement to acquire remaining 10% stake in Sunland Volonte Agency Sdn. Bhd. from Law Kum Wah for MYR 5 million on December 13, 2021. The Purchase Consideration shall be satisfied via the issuance of 279.3296 million Shares at the issue price of MYR 0.0179 per Share. Law Kum Wah shareholding in EA Holdings will increase from nil to 4.33%. The Proposed Shares Issuance is subject to the approval from Bursa Securities for the listing of and quotation for the Consideration Shares on the ACE Market of Bursa Securities. The Consideration will be satisfied via the issuance of 279.3296 million Shares pursuant to the Proposed Share Issuance. For the year ending on September 30, 2021, Sunland reported revenue of MYR 21.991948 million and profit after tax of MYR 4.236589 million. The transaction is subject to EA obtaining the approval of Bursa Securities for the listing of and quotation for the Consideration Shares on the ACE Market of Bursa Securities, approvals, consents authorizations, permits or waivers of any other relevant governmental or regulatory body and any other third parties necessary or appropriate to carry out the sale and purchase of the Sale Shares pursuant to the terms of the SPA having been obtained and approval from board of Sunland. The transaction is expected to close in the first quarter of 2022. TA Securities Holdings Berhad acted as financial advisor to EA Holdings. The Proposed Acquisition is expected to contribute positively to the future earnings of the Group after taking into consideration the historical earnings of Sunland and prospects of the Proposed Acquisition. The EPS may be diluted accordingly consequent to the issuance of Consideration Shares. As of January 3, 2021 Bursa Securities had, vide its letter resolved to approve the listing and quotation of 279,329,600 Consideration Shares to be issued pursuant to the Proposed Share Issuance.

EA Holdings Berhad (KLSE:EAH) completed the acquisition of remaining 10% stake in Sunland Volonte Agency Sdn. Bhd. from Law Kum Wah on January 6, 2022.