HLT Global Berhad (KLSE:HLT) entered into a heads of agreement to acquire 55% stake in HL Rubber Industries Sdn Bhd from Suntel International Co. Ltd., Wong Ai Goot, Teng Moi Bee, Wong Lay Kim, and Lee Sow Yin for MYR 35.8 million on January 11, 2018. Pursuant to the heads of agreement, HLT Global Berhad will acquire 5.8 million shares of HL Rubber Industries Sdn Bhd. HLT Global Berhad shall issue 113.8 million new shares at MYR 0.315 per share as a consideration subject to the terms and conditions of definitive agreement. On January 29, 2018, the conditional share sale agreement was signed. For the year ended 2017, HL Rubber Industries Sdn Bhd reported revenue of MYR 125.1 million and loss after tax of MYR 2.3 million. The transaction is subject to certain conditions including approval from HLT Global Berhad shareholders and Bursa Malaysia Securities Berhad for the listing of consideration shares. The conditions also include the other relevant parties and authorities approvals. On March 9, 2018, the listing of consideration shares was approved by the Bursa Securities. The meeting of shareholders to approve the transaction is expected to be held on April 6, 2018. On April 6, 2018, the shareholders of HLT Global Berhad approved the transaction. The head of agreement is effective within a period of one month from the date of agreement and includes such other date as may mutually agree upon by the parties in writing unless terminated in accordance with the terms of the agreement or upon the execution of definitive agreement. Barring any unforeseen circumstances, the transaction is expected to be completed by the second quarter of 2018. As of March 21, 2018, the transaction is expected to close in early May 2018. The Acquisition is expected to contribute positively to the consolidated earnings and earnings per share of HLT for the financial year 2018. KAF Investment Bank Berhad acted as the financial Adviser to HLT Global in the transaction.