Ahmad Zaki Resources Berhad (KLSE:AZRB) signed a share purchase agreement to acquire 1% in Matrix Reservoir Sdn Bhd from a group of sellers for MYR 10 million on November 25, 2015. Ahmad Zaki Resources Berhad will acquire 0.51% stake from Forlenza Holdings Sdn Bhd, 0.28% stake from Naval Elite Limited, 0.09% stake from Tengku Mohamad Ridzman, 0.03% stake from James William Iler and Ray Shankar Shi-Wan each, 0.04% stake from GIB Management Pte Ltd. and 0.025% stake from Haida Shenny Hazri. Also, Ahmad Zaki Resources Berhad will subscribe for 50% of the equity interest in Matrix Reservoir at a subscription price of MYR 45 million. The purchase consideration shall be payable by Ahmad Zaki Resources Berhad to the sellers within 7 business days upon signing of the agreement but subject to the taking over of the management of Matrix Reservoir by Ahmad Zaki Resources Berhad and Ahmad Zaki Resources Berhad electing upon the invitation of Matrix Reservoir, to have its representatives appointed on Matrix Reservoir’s board of directors. Ahmad Zaki Resources Berhad shall be nominating 4 persons to be appointed as directors, out of 7 directors on Matrix Reservoir’s Board of Directors. The completion date is subject to the completion of the subscription agreement taking place contemporaneously and it shall take place 7 business days following the date on which the last of the conditions precedent are satisfied or waived. Ahmad Zaki Resources Berhad (KLSE:AZRB) completed the acquisition of 1% in Matrix Reservoir Sdn Bhd from a group of sellers on January 16, 2017.