Parlo Tours Sdn Bhd agreed to acquire Cybertowers Bhd (KLSE:CYBERT) in a reverse merger transaction on December 15, 2015. On March 18, 2016, Parlo Tours Sdn Bhd entered into an agreement to acquire Cybertowers Bhd. Under the terms of the deal, Cybertowers Bhd will issue 250 million shares as purchase consideration at an issue price of MYR 0.1 per share. Upon completion, Cybertowers Bhd will appoint Yap Tsok Lim as an Executive Director. As on August 1, 2017, Cybertowers Bhd proposed to change its name to Parlo Berhad. The transaction is subject to consummation of due diligence on Parlo and its business, entering into a definitive share acquisition agreement and obtaining approval from shareholders of Cybertowers, Securities Commission Malaysia and Bursa Malaysia Securities Berhad, approval from the Equity Compliance Unit of the Securities Commission Malaysia in connection with the resultant equity structure of Cybertowers arising from the proposals, the approval of the Securities Commission Malaysia for the proposed exemption from the obligation to undertake a mandatory offer, the approval of Bursa Securities for the proposals and the approval for the listing of and quotation for the Cybertowers Shares to be issued pursuant to the acquisition, the approval of the shareholders of Cybertowers in general meeting for the proposals, the High Court of Malaya’s sanction and approval for the proposed capital reduction, consent from the charge banks in respect of change of ownership or control of Parlo and consents or approvals as may be required from any third party or governmental, regulatory body or relevant authorities. As of January 19, 2016, Bursa Malaysia rejected the regularization plan which included the acquisition. On January 27, 2016, Cybertoweres submitted an appeal to Bursa Malaysia Securities Berhad to re-consider the rejection. As of March 8, 2016, Bursa Malaysia, granted an extension of time till April 29, 2016 to submit a new regularization plan. As on October 25, 2016, the approval of Bursa Securities has been obtained for the listing and quotation of the consideration shares. The Board of Directors of Cybertowers Bhd have approved the transaction and have recommended the same to the shareholders. As on September 2, 2017, the transaction has been approved by the shareholders of Cybertowers Bhd. Cybertoweres submitted a new regularization plan on March 18, 2016. The extraordinary general meeting of the shareholders of Cybertoweres will take place on September 2, 2017. As of March 16, 2017, the cutoff date for share sale agreement has been extended from March 18, 2017 to September 17, 2017. As of September 14, 2017, the cutoff date for share sale agreement has been extended from September 18, 2017 to February 17, 2018. As of November 23, 2017, SC approved the exemption. High Court of Malaya had on December 5, 2017 granted the order confirming the Share Capital Reduction. The transaction is expected to be completed in the fourth quarter of 2017. TA Securities Holdings Berhad acted as financial advisor to Cybertowers Bhd. Parlo Tours Sdn Bhd completed the acquisition of Cybertowers Bhd (KLSE:CYBERT) in a reverse merger transaction on January 17, 2018. Along with the closing of the transaction, Bursa Securities has decided to approve the Parlo Berhad’s application for an upliftment from being classified as a GN3 company. As a result thereof, the upliftment of Parlo from being classified as a GN3 company and the upliftment and suspension in trading of the securities of Parlo will be effective from January 18, 2018.