Axis Real Estate Investment Trust (KLSE:AXREIT) entered into a sales and purchase agreement to acquire Bayan Lepas Factory of Zoomic Technology (M) Sdn Bhd for MYR 20.5 million on July 17, 2019. Under the term, Axis Real Estate Investment Trust will pay MYR 0.5 million upon the execution of agreement and the remaining balance payment will be made after the fulfillment of the terms and condition in the agreement. The transaction is subject to approval of directors and shareholders of Ire-Tex Corporation Berhad, parent of Zoomic Technology, consent from Pihak Berkuasa Negeri and Perbadanan Pulau Pinang, collective known as state authority consent and Zoomic Technology procuring the Novation Agreement to be duly executed by Axis Real Estate Investment Trust. As of December 30, 2020, Zoomic Technology and Axis Real Estate Investment Trust have agreed to extend the expiry date of the agreement to March 31, 2021 in order to fulfill the conditions precedent. As of April 1, 2021, Zoomic Technology and Axis Real Estate Investment Trust have agreed to extend the expiry date of the agreement until April 21, 2021 in order to fulfill the conditions precedent. The proceed will be used for settlement of CIMB Bank Loan, Perbadanan Pembangunan Pulau Pinang, stakeholder/Real Property Gain Tax, debts Settlement on creditors, corporate Exercise, legal fees and others professional fees, repair and Maintenance of building, banking facilities and working capital purpose. The basic loss per shares at MYR 3.08 per share reported as at March 31, 2019 and with such further loss on disposal of MYR 2.1 million incur in current quarter and loss of income will not have any material financial impact. As on July 23, 2019, Axis Real Estate will provide MYR 0.5 million of deposit to Zoomic Technology and Ire-Tex Corporation will provide a corporate guarantee in favor of Axis Real Estate undertaking, guaranteeing the refund of deposit in case of lawful termination of deal. The deal is expected to close in the first half of 2021. Henry Butcher Malaysia (Penang) Sdn Bhd acted as independent valuer in the transaction. The transaction was approved by the shareholders of Iqzan Holding Berhad on March 5, 2020. As of May 20, 2020, the transaction is still pending to be completed. As of December 30, 2020, the transaction is still pending. As on September 4, 2019, TA Securities Holdings Berhad has been appointed as a financial adviser by Zoomic Technology. Axis Real Estate Investment Trust (KLSE:AXREIT) cancelled the acquisition of Bayan Lepas Factory of Zoomic Technology (M) Sdn Bhd on April 21, 2021. The Board of Directors of IQZAN HOLDING BERHAD informs that the Extended Conditional Period granted by the Purchaser was expired on April 21, 2021 and no further extension of time would be granted to fulfill the said Conditions Precedent. Zoomic Technology (M) Sdn. Bhd.will refund the balance deposit amounting to MYR 0.5 million within fourteen days.