Majuperak Holdings Berhad (KLSE:MJPERAK) entered into a Term Sheet to acquire 49% stake in Allied Group Property Services Sdn Bhd and Allied Group Property Services (Penang) Sdn Bhd from Cheong Mee Yoke, Teoh Oo Seng and Tan Keng Heng for MYR 9.8 million on March 30, 2022. As per the terms of the agreement MYR 1 Million will be paid on signing of the definitive agreement, second payment of MYR 7 million will be paid within sixty days of signing the definitive agreement, and the balance shall be paid within the 21 months of completion date upon achieving the Guaranteed PBT subject to the adjustment of the Purchase Consideration. Transaction is subject to customary closing conditions, signing of definitive agreement, and signing of separate JV agreement. The Majuperak Holdings board has approved the transaction. As on April 29, 2022, Majuperak Holdings Berhad entered into a Supplemental Term Sheet to acquire 49% stake in Allied Group Property Services Sdn Bhd and Allied Group Property Services (Penang) Sdn Bhd from Cheong Mee Yoke, Teoh Oo Seng and Tan Keng Heng. Under the terms of the acquisition, the transaction is conditional on Sellers obtaining material governmental, regulatory or third-party consents or waivers required by the Target Company(ies) as may be identified in the Due Diligence process; and in relation to subsisting banking facilities obtained by the Target Company(ies), the Target Company(ies) shall obtain consent from the bank(s). As on August 1, 2022, Majuperak Holdings Berhad entered into a Share Sale Agreement to acquire 49% stake in Allied Group Property Services Sdn Bhd and Allied Group Property Services (Penang) Sdn Bhd from Cheong Mee Yoke, Teoh Oo Seng and Tan Keng Heng.

Majuperak Holdings Berhad (KLSE:MJPERAK) completed the acquisition of Allied Group Property Services Sdn Bhd/Allied Group Property Services (PENANG) Sdn Bhd from Cheong Mee Yoke, Teoh Oo Seng and Tan Keng Heng on November 3, 2022.