K. Seng Seng Corporation Berhad (KLSE:KSSC) entered into a term sheet agreement to acquire 51% stake in Tong Soon Micron Sdn Bhd from Low Kim Yoong on February 22, 2023. K. Seng Seng Corporation Berhad will acquire 0.05 million shares in Tong Soon Micron Sdn Bhd for cash. The purchase consideration for the Sale Shares shall be satisfied wholly by cash from the proceeds raised from the Proposed Private Placement.

In a related transaction K. Seng Seng Corporation Berhad will acquire 51% stake in Metalmach, Senshin and Blu Resources from Low Kim Yoong. The transaction is conditional on all debts owing between the Target Companies and its, directors and Shareholders are settled, the Target Companies obtaining necessary consent from the financiers for the Purchaser?s Proposed Acquisitions, the directors and shareholders approval of the Parties being procured and due diligence investigation by the purchaser.