Priceworth International Berhad (KLSE:PWORTH) entered into a conditional agreement to acquire Beta Bumi Sdn Bhd from Sukmah Binti Bidu and Rasih Bin Tiblani for MYR 20.4 million on April 1, 2013. Priceworth International will acquire 0.5 million shares of Beta Bumi Sdn Bhd. The purchase consideration will be satisfied by way of a cash consideration of MYR 2 million and by the issuance of 65.7 million new ordinary shares of Priceworth International Berhad. Upon the execution of the agreement, Priceworth International Berhad shall pay the sum of MYR 0.1 million only to Sukmah Binti Bidu and Rasih Bin Tiblani as deposit. Subject to satisfactory results of the due diligence exercise to be conducted by Priceworth International within the condition period and upon fulfilment of all the conditions precedent or approvals, the balance of the purchase price shall be satisfied by the completion date. The consideration of MYR 2 million cash will be sourced from internally generated funds and/or proceeds arising from the proposed RCN issue.

Beta Bumi reported revenues of MYR 0.26 million, profit before tax of MYR 0.02 million and profit after tax of MYR 0.01 million for the year ending December 31, 2012. The transaction is subject to Board of Directors of Priceworth International passing resolution authorizing the transaction, approval of shareholders of Priceworth International Berhad, approval of Bursa Securities for listing of securities, Securities Commission, approval from any other regulatory authorities, third party approval, completion of other transactions, approval of Board and shareholders of Beta Bumi. Completion of the transaction shall take place within three months from the unconditional date. The proposed acquisition is not expected to have any effect on the earnings and EPS of the PIB Group for the financial year ending June 30, 2013 as the acquisition is expected to be completed in the second half of 2013. As on November 25, 2013, Priceworth International, Sukmah Binti Bidu and Rasih Bin Tiblani mutually agreed to extend the due diligence Period for a period of 9 months from the date of SSA and also agreed to extend the condition periodperiod of 12 months from the date of SSA. As of November 28, 2013, it was announced that the Extraordinary General Meeting of Priceworth International Berhad will be held on December 20, 2013. Jurunilai & Perunding Hartanah Sabah acted as the valuer in the transaction. Kenanga Investment Bank Berhad acted as the financial advisor to Priceworth International.

Priceworth International Berhad (KLSE:PWORTH) completed the acquisition of Beta Bumi Sdn Bhd from Sukmah Binti Bidu and Rasih Bin Tiblani on January 24, 2014.