GE-Shen Corporation Berhad entered a non-binding term sheet to acquire 60% stake in Amity Research & Development Sdn Bhd and Amity Technical Services & Consultancy (m) Sdn. Bhd. from Pak Yue Leong, Tan Chung Ken, Tan Guan Lai, Tan Khay Leang, Tan Kooi Loon, and Teh Sheh Chien for MYR 13.5 million.

GE-Shen Corporation Berhad (KLSE:GESHEN) entered a non-binding term sheet to acquire 60% stake in Amity Research & Development Sdn Bhd and Amity Technical Services & Consultancy (m) Sdn. Bhd. from Pak Yue Leong, Tan Chung Ken, Tan Guan Lai, Tan Khay Leang, Tan Kooi Loon, and Teh Sheh Chien for MYR 13.5 million on March 18, 2024.

Under the terms of term sheet, GE-Shen will acquire 60,000 shares of Amity Research & Development and 300,000 ordinary shares Amity Technical Services & Consultancy for MYR 13.5 million. The Purchase Consideration will be funded via internally generated funds and bank borrowings. The transaction is subject to board approval of the parties and all third-party consents, and regulatory approvals.

The transaction is expected to close in third quarter of 2024.