Wofema Sdn. Bhd. entered into a sale of shares agreement to acquire Sumbangan Sakti Sdn. Bhd. from Pasdec Holdings Berhad (KLSE: PASDEC) for MYR 0.88 million on April 5, 2019. As per the terms, Wofema will pay in cash for the acquisition of 3 million ordinary shares of Sumbangan Sakti. 10% of the purchase price which is MYR 0.09 million will be paid upon execution of the agreement, also called deposit, of which PASDEC has duly acknowledged receipt. The remaining 90% of the purchase price which is MYR 0.87 million shall be paid to PASDEC’s solicitors as stakeholder within three months from the date the agreement becomes unconditional with an automatic extension of one month subject to Wofema paying interest of 8% p.a. on the balance purchase price outstanding from the expiry of the three months. PASDEC is entitled to terminate the agreement with fourteen days’ prior notice and forfeit the deposit if Wofema still fails to settle the balance purchase price after one month extension period. The transaction has received approval for the extension of time until June 25, 2020 for the initial operation date and September 23, 2020 for Feed-in-Tariff Commencement Date for the project from the Sustainable Energy Development Authority Malaysia. The transaction is subject to PASDEC obtaining new rate for the agreement from Tenaga Nasional Berhad of which the agreement with TNB for the new rate has already been executed by Sumbangan Sakti. The transaction is subject to discharging of existing debentures and charges created by Sumbangan Sakti in favor of bank. The transaction is also subject to State authority’s approval for the Project to be undertaken by Sumbangan Sakti, Wofema’s satisfaction of the results of the due diligence investigation to be conducted on Sumbangan Sakti and Wofema to procure letter of indemnity from the subcontractor to the main contractor in the form acceptable to PASDEC. The transaction will not have any material impact on the earnings, gearing and net assets per share of PASDEC for the current financial year. Wofema Sdn. Bhd. cancelled the acquisition of Sumbangan Sakti Sdn. Bhd. from Pasdec Holdings Berhad (KLSE: PASDEC) on January 19, 2021. Sumbangan Sakti remains a wholly-owned subsidiary of PASDEC.