Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon made an offer to acquire remaining 28.2% stake in MB World Group Berhad (KLSE:MBWORLD) for approximately MYR 44 million on June 15, 2020. As part of the transaction, Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon will acquire 44.4 million shares for cash offer price of MYR 0.99 per share subject to adjustments. Prior to the transaction, Kim Feng Capital holds 70.24% stake while Ngsinar holds 0.59% stake and Ng Kok Boom holds 0.95% stake in MB World Group. Post completion, Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon will collectively own 100% of MB World Group. If MB World Group is delisted from the official list, MB World Group's shares will no longer be traded on the Main Market of Bursa Securities. Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon do not intend to maintain the listing status of MB World Group on the Main Market of Bursa Securities. Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon intend to continue with the existing businesses and operations of MB World Group after the completion of the offer. Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon do not have any plan and/or intention to liquidate any company within MB World Group, dispose of any major asset or undertake any major re-deployment of the fixed assets of MB World Group or introduce or effect any major change to existing businesses of MB World Group as a direct consequence of the offer except where such change, disposal and/or redeployment is necessary as part of the process to rationalize the business activities and/or direction of MB World Group or to improve the use of resources of MB World Group. Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon do not have any plan to dismiss or make redundant the existing employees of MB World Group as a direct consequence of the offer. However, it should be noted that changes with regard to employment and/or redeployment of MB World Group’s employees may take place as a result of rationalization and/or streamlining of business activities to improve the productivity and efficiency of MB World Group. Any such action will be carried out in accordance with the relevant legislation and the terms of employment of the affected employees. The offer is subject to approval of shareholders of MB World Group. The offer is not conditional upon any minimum level of valid acceptances of the offer shares as the Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon already hold more than 50% of the voting shares combined in MB World Group. As of July 16, 2020, Mercury Securities and the Directors of MB World Group have recommended the shareholders of MB World Group to accept the offer. In the event Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon receive valid acceptances of not less than nine-tenths in the nominal value of the offer shares (excluding shares of MB World Group already held by them and persons acting in concert with them on the date of the offer) on or before the closing date, they intend to invoke the provisions of Section 222(1) of the CMSA, subject to Section 224 of the CMSA, to compulsorily acquire any remaining offer shares from the dissenting shareholders of MB World. The offer will remain open for acceptances for a period of not less than 21 days from the June 15, 2020. Extension of the offer period by the Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon will be announced by RHB investment bank at least two days before closing date. The offer will remain open for acceptances till July 27, 2020. On August 17, 2020, Joint offerors made an unconditional voluntary take over to acquire remaining shares which should not be less than nine out of ten and all the conditions for giving of notice to shareholders of MB world have been satisfied regarding notifying them of joint offeror desire to acquire all MB shares. The compulsory acquisition will be made in same terms as set out in offer document. Compulsory acquisition is subject to expiration of one month notice or if applicable, 14 days after the statement of the names and address of all dissenting holders in record of depositor of MB world. As of July 23, 2020, the offer was extended until August 10, 2020. As of August 6, 2020, the offer has been extended to August 24, 2020. Hong Leong Investment Bank Berhad acted as financial advisor for shareholders of MB World Group. Hong Leong Investment Bank advised shareholders of MB World Group to accept the offer. Mercury Securities Sdn Bhd was appointed on June 17, 2020 to provide fairness opinion about the offer per share to the non-interested Directors and the holders of the shares of MB World Group. RHB Investment Bank Berhad acted as financial advisor to Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon. Based on Mercury Securities’ evaluations, it is of the view that the offer is not fair but reasonable. Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon completed the acquisition of additional 25.6% stake in MB World Group Berhad (KLSE:MBWORLD) for MYR 39.9 million on August 24, 2020. During the offer period, Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon acquired additional 40.27 million shares. Post completion, Kim Feng Capital Sdn Bhd, Ngsinar Sdn Bhd and Ng KoK Boon collectively own 97.99% stake of MB World Group Berhad.