Berjaya Corporation Berhad (KLSE:BJCORP) entered into a memorandum of understanding to acquire Singer (Malaysia) Sdn Bhd from Berjaya Retail Berhad for approximately MYR 370 million on June 2, 2020. Under the terms of the transaction, purchase consideration will be satisfied through the issuance of 1.2 billion new ordinary shares in Berjaya Corporation and subject to adjustments including set-off of inter-company debts and dividends. The estimated total amount of inter-company debts owing by Berjaya Retail to Singer (Malaysia) May 31, 2020 is MYR 148 million and buyer will assume the final inter-company debt prior to the completion of the transaction. Singer (Malaysia) reported net assets of MYR 561 million for the year ending December 31, 2019. The transaction is conditional upon satisfactory due diligence on the Singer, the approval of the shareholders of Berjaya Corporation at an extraordinary general meeting to be convened, consent of the creditors and/or financiers of the Singer, approval from Bursa Malaysia Securities Berhad for the listing of and quotation for the consideration shares, approvals or waivers from any other relevant regulatory or governmental authorities and all of which shall be satisfied within six months from the date of the definitive agreements to be entered into pursuant to the acquisition. The memorandum of understanding is not subject to the approvals of the shareholders of Berjaya Corporation or any relevant regulatory authority. Berjaya Corporation Berhad (KLSE:BJCORP) cancelled the acquisition of Singer (Malaysia) Sdn Bhd from Berjaya Retail Berhad on June 12, 2020.