Advancecon Holdings Berhad (KLSE:ADVCON) entered into a conditional share sale agreement to acquire 51% stake in Spring Energy Resources Berhad from Fook Hua Holdings Sdn. Bhd. for MYR 27.9 million on June 17, 2021. As per the terms of the agreement, the total consideration shall be paid through cash payment of MYR 15.2 million with MYR 3.04 million to be paid upon the execution of the agreement and remaining MYR 12.2 million to be paid upon completion. The remaining purchase consideration of MYR 15.2 million to be satisfied via an issuance and allotment of 33 million new ordinary shares of Advancecon at the issue price of MYR 0.46 per share. The transaction is subject to approvals of shareholders and Board of Directors of Advancecon, approvals from the Board of Directors of Spring Energy Resources Berhad, Advancecon obtaining the approval of Bursa Securities for the listing of and quotation for the consideration shares on the Main Market of Bursa Securities and the execution of the shareholders agreement. As of September 28, 2021, Bursa Securities had resolved to approve the listing and quotation of 33 million new ordinary shares as part of the Purchase Consideration to be issue pursuant to the Proposed Acquisition. The approval granted by Bursa Securities is subject to the following conditions: Compliance of at least 25% of the public shareholding spread requirements upon the listing and quotation of the Consideration Shares. ii. Advancecon and UOBKH must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Acquisition; iii. Advancecon or UOBKH to furnish Bursa Securities with the certified true copy of the resolution passed by shareholders at extraordinary general meeting approving the Proposed Acquisition; iv. Advancecon and UOBKH to inform Bursa Securities upon the completion of the Proposed Acquisition; and v. Advancecon and UOBKH to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities' approval once the Proposed Acquisition is completed. As of November 15, 2021, all conditions precedent for the agreement has been fulfilled and it has become unconditional The transaction is expected to be completed in the third quarter of 2021. UOB Kay Hian Securities (Thailand) Public Company Limited acted as principal advisor to Advancecon Holdings Berhad. The acquisition is not expected to have immediate material effect on the consolidated earnings of Advancecon Group for the financial year of December 31, 2020.