AWC Berhad (KLSE:AWC) entered into a conditional share sale and purchase agreement to acquire 51% stake in Premium Patents SDN BHD from Skanda Rajah A/L S. Ratnam and Gan Geok Soon for MYR 1 on September 14, 2023. The proposed acquisition in Premium Patents which entails the acquisition by AWC of a total of 5,100 ordinary shares in Premium Patents, representing the 51% equity interest in Premium Patents for a cash consideration of MYR 1, subject to the terms and conditions of the share sale and purchase agreement. In a related transaction, AWC Berhad entered into a conditional share sale and purchase agreement to acquire 49% stake in Stream Group Sdn. Bhd from Skanda Rajah A/L S. Ratnam and Gan Geok Soon for MYR 110 million. The total consideration will be fully funded through a combination of internally generated funds of AWC Group and bank borrowings. The transaction is subject to receive approval of the shareholders of AWC at an extraordinary general meeting. The proposed acquisition in Stream Group and the proposed acquisition in Premium Patents are inter-conditional upon each other. The board of director of AWC Berhad approved the transaction. The proposed acquisitions are expected to be completed by the first quarter of 2024.

AWC Berhad (KLSE:AWC) completed the acquisition of 51% stake in Premium Patents SDN BHD from Skanda Rajah A/L S. Ratnam and Gan Geok Soon for MYR 1 on December 27, 2023. The payment of the balance sum amounting to RM99,000,001 to the Vendors in accordance with the terms and conditions of the SSA is received .