Batu Kawan Berhad (KLSE:BKAWAN) made an offer to acquire an additional 2.38% stake in Malay-Sino Chemical Industries Sendirian Berhad from Wan Hin Investments Sdn Berhad for MYR 17.7 million on July 10, 2017. Batu Kawan Berhad (KLSE:BKAWAN) agreed to acquire an additional 2.38% stake in Malay-Sino Chemical Industries Sendirian Berhad from Wan Hin Investments Sdn Berhad on July 27, 2017. The purchase consideration will be funded entirely by internally generated funds of BKB Group. Malay-Sino reported the net income of MYR 84.63 million for the period ended September 30, 2016. The transaction does not fall within the class of related party transactions which requires BKB shareholders' approval. The acquisition is also not subject to the approvals of any relevant governmental authorities. Save for Tan Sri Dato' Seri Lee Oi Hian and Dato' Lee Hau Hian, who have abstained from deliberation and voting on the offer, the other Directors of BKB are of the opinion that the acquisition is in the best interest of the BKB Group. Barring unforeseen circumstances, the acquisition is expected to be completed by August, 2017. The acquisition will not have any effect on the share capital and substantial shareholders' shareholdings of BKB. Further, the acquisition will not have any material effect on the earnings, net assets and gearing of the BKB Group for the financial year ending September 30, 2017. Batu Kawan Berhad (KLSE:BKAWAN) cancelled the acquisition of an additional 2.38% stake in Malay-Sino Chemical Industries Sendirian Berhad from Wan Hin Investments Sdn Berhad on July 10, 2018.