SBS Mining Corp. Malaysia Sdn. Bhd. entered into a share exchange agreement to acquire NAMI Corp. (OTCPK:NINK) in a reverse merger transaction on July 4, 2018. Under the terms of the transaction, NAMI will acquire 100% of the issued and outstanding shares of SBS from GMCI Corp, parent company of SBS in exchange for the issuance of approximately 720 million shares of NAMI to GMCI, representing 102.08% of NAMI’s pre-merger issued and outstanding shares of common stock. The acquisition was accounted for a recapitalization effected by a share exchange, wherein SBS is considered the acquirer for accounting and financial reporting purposes. Currently, NAMI has approximately 706 million shares of common stock issued and outstanding out of which 87.46% stake is held by Ong Tee Keat. Post-acquisition, NAMI will have 1.4 billion outstanding shares. GMCI will become majority shareholder of NAMI owning 50.51% of capital stock of NAMI and the current shareholders of NAMI shall own 49.49% of the capital stock. The transaction is subject to third party approval and approval from government and regulatory bodies. Yue Cao of Law Office of Yue & Associates acted as legal advisor to NAMI. SBS Mining Corp. Malaysia Sdn. Bhd. completed the acquisition of NAMI Corp. (OTCPK:NINK) in a reverse merger transaction on July 12, 2018. Upon closing, Ong Tee Keat owns 43.28% stake, Lok Khing Ming owns 5.13% stake, LYF & Son Realty Sdn. Bhd. owns 26.28% stake, Liew Chin Loong holds 5.26% stake and My Premier Trustee (Malaysia) Berhad holds 12.77% stake out of which 1.3% stake is held on behalf of Lok Khing Ming out of the total issued and outstanding common stock. In connection with the closing, Ong Tee Keat resigned from the Chief Executive Officer and Secretary position he held with NAMI, and NAMI appointed Calvin Chin as Chief Executive Officer. On July 4, 2018, the Board of NAMI appointed Lok Khing Ming as Executive Director and Secretary of the company. Chantel Chan was appointed as Chief Operation Officer of compliance, SN Loh was appointed as Chief Operation Officer of operations, Lew Sze How was appointed as Chief Financial Officer of compliance and MW Jason Chan as Chief Financial Officer of operations. Ong Tee Keat will operate as Chairman, Lok Khing Ming will operate as Executive Director, Soh Ooi Tech, Abdul Aziz bin Abdul Jaafar and Nik Ismail bin Nik Yusoff will operate as Independent Non-Executive Directors. The Board of Directors of NAMI approved the share exchange agreement on the closing date.