Uzma Berhad (KLSE:UZMA) entered into a conditional share sale agreement to acquire an additional 15% stake in Setegap Ventures Petroleum Sdn. Bhd. from Dato’ Nasri bin Nasrun for MYR 36 million on January 29, 2019. Under the terms, Uzma Berhad will acquire 0.69 million shares in Setegap Ventures Petroleum Sdn. Bhd. Post completion, Uzma Berhad will hold 64% stake in Setegap Ventures Petroleum Sdn. Bhd. The consideration is expected to be funded via borrowings from financial institution. Setegap Ventures Petroleum Sdn. Bhd. reported shareholders’ funds of MYR 79.13 million as of September 30, 2018. The acquisition is not subject to the approval of the shareholders of Uzma and any regulatory authorities. The transaction is subject to approval from the Board of Directors of Uzma Berhad, approval from Dato’ Nasri bin Nasrun and the waiver of pre-emptive rights by the existing shareholders of Setegap Ventures Petroleum Sdn. Bhd. The acquisition is expected to be completed by the first quarter of 2019. The acquisition is expected to contribute positively to the Uzma Berhad’s overall earnings. Mercury Securities Sdn. Bhd. acted as financial advisor for Uzma Berhad.