Mikro MSC Berhad (KLSE:MIKROMB) entered into Share Sale Agreement to acquire up to 10% stake in Bio Eneco Sdn. Bhd. (BESB) from Yeo Hock Cheong for MYR 22.5 million on December 30, 2022. Under the proposed acquisition, Mikro MSC Berhad will acquire up to 10% into the equity interest of BESB representing 700,000 shares for the purchase consideration which shall be satisfied entirely via cash and other forms of consideration. In addition, the proposed acquisition is divided into 2 tranches, where Tranche 1 of up to 40% of the proposed acquisition (280,000 shares in BESB) is to be completed within 3 months from the effective date of the Share Sale Agreement for a cash consideration of MYR 9 million, using internally generated funds and under Tranche 2 – balance 60% of the proposed acquisition (420,000 shares) is to be completed within 12 months from the effective date of the Share Sale Agreement for a total balance cash consideration of MYR 13.5 million) using internally generated funds(or any other mutually agreed consideration which may consist of cash, shares and/or any other forms of consideration). For the financial period ended July 31, 2022, Bio Eneco Sdn. Bhd. reported revenues of MYR 76.6 million and net profit of MYR 2.6 million.

On March 6, 2023, Tranche 1 of the proposed acquisition amounting to MYR 9 million for 4% equity interest in Bio Eneco Sdn Bhd has been made. The acquisition is expected to be completed on December 30, 2023. The proposed acquisition is not expected to have any financial effect on MIKRO.

Mikro MSC Berhad (KLSE:MIKROMB) completed the acquisition of up to 10% stake in Bio Eneco Sdn. Bhd. (BESB) from Yeo Hock Cheong on June 23, 2023. Tranche 2 of the proposed acquisition amounting to MYR 13.5 million for 6% equity interest in Bio Eneco Sdn Bhd has been made to tYeo Hock Cheong on June 23, 2023 upon fulfillment of condition precedents as stipulated in the Share Sale Agreement.