Muar Ban Lee Group Berhad (KLSE:MBL) entered into an conditional share sale agreement to acquire 10.6% stake in Symphony Life Berhad (KLSE:SYMLIFE) from Gajahrimau Capital Sdn. Bhd. for MYR 62.8 million on April 5, 2021. As per terms of transaction, Muar Ban Lee Group Berhad acquired 67 million shares and paid MYR 0.9375 for each share. Post completion, Muar Ban Lee Group Berhad will hold 18.5% stake in Symphony Life Berhad. The acquisition consideration will be fully satisfied in cash and funded via a combination of internally generated funds and bank borrowings.

In a related transaction, Muar Ban Lee Group Berhad (KLSE:MBL) entered into an conditional share sale agreement to acquire 3.5% stake in Symphony Life Berhad (KLSE:SYMLIFE) from Gajahrimau Capital Sdn. Bhd. for MYR 20.7 million on April 5, 2021. In case of default, Muar Ban Lee Group Berhad shall within 5 business days pay to the Gajahrimau Capital Sdn. Bhd a sum equivalent to 15% of the acquisition consideration, as compensation to the Gajahrimau Capital Sdn. Bhd and the Gajahrimau Capital Sdn. Bhd shall within 5 business days pay to MBL a sum equivalent to 15% of the acquisition consideration, as compensation to MBL. On May 11, 2021, On behalf of the Board, RHB Investment Bank wishes to announce that we have submitted a draft circular in relation to the Previous Transactions, First Acquisition and Proposals to Bursa Securities for its clearance. The proposed diversification will not have any effect on the issued share capital, substantial shareholdings, NA, NA per ordinary shares in MBL gearing, earnings and earnings per Share of MBL. Transaction is subject to shareholder approval of Muar Ban Lee Group Berhad. The share sale agreement shall become unconditional on the date the condition precedent has been fulfilled or deemed fulfilled. As of July 28, 2021, the condition precedent to the transaction has been fulfilled and the agreement has become unconditional. Transaction is expected to be completed by the second quarter of 2021. The transaction is expected to close by early August 2021. RHB Investment Bank acted as financial advisor to Muar Ban Lee Group Berhad.

Muar Ban Lee Group Berhad (KLSE:MBL) completed the acquisition of 10.6% stake in Symphony Life Berhad (KLSE:SYMLIFE) from Gajahrimau Capital Sdn. Bhd. on August 4, 2021.