Astramina Group Berhad (KLSE:ASTRA) entered into a binding term sheet to acquire Epic Chemicals Sdn. Bhd from Chan Kok Woei and Tan Soon Hock on March 2, 2023. The consideration will be satisfied via a combination of cash and the issuance of new ordinary shares in ASTRA at MYR 0.37 per share. The closing of the deal is conditional upon Astramina Group being satisfied with the results of the due diligence review to be carried out on Epic Chemicals, approval of Astramina shareholders, and approval of Bursa Malaysia Securities Berhad. Epic Chemicals and Astramina Group enter into Definitive Agreement within 90 days from the date of the binding term sheet, with an automatic extension of a further period of 30 days. As of June 30, 2023, the parties have agreed to extend the exclusivity period for an additional period of 60 days commencing from July 1, 2023 until August 30, 2023, for the parties to enter into the definitive agreement in respect of the proposed acquisition. Astramina Advisory Sdn Bhd acted as financial advisor to Astramina Group Berhad.

Astramina Group Berhad (KLSE:ASTRA) cancelled the acquisition of Epic Chemicals Sdn. Bhd from Chan Kok Woei and Tan Soon Hock on August 31, 2023.