Kumpulan Powernet Berhad (KLSE:KPOWER) agreed to acquire 51% stake in CBG Builder Sdn Bhd for MYR 5100 on January 10, 2018. As per the terms of the transaction, 5,100 shares will be acquired. In a related transaction, Kumpulan Powernet Berhad agreed to acquire 51% stake in CBG Capital Sdn Bhd. Upon completion of the acquisition, CBG Capital Sdn Bhd will become 51% owned subsidiary of Kumpulan Powernet Berhad. The acquisition is not subject to the approval of the shareholders of Kumpulan Powernet Berhad or any other relevant authorities. The Board of Kumpulan Powernet Berhad is of the opinion that the acquisition is in the best interest of Kumpulan Powernet Berhad. The acquisitions will not have any material impact on the issued and paid-up share capital, earnings, net assets, gearing and substantial shareholdings of Kumpulan Powernet Berhad for the financial year ending June 30, 2018.