QL Green Resources Sdn. Bhd. made an offer to acquire remaining 51.85% stake in Boilermech Holdings Berhad (KLSE:BOILERM) for approximately MYR 250 million on December 3, 2020. Under the terms of the transaction, QL will acquire the remaining shares for MYR 0.95 per share in cash. If Boilermech declares, makes or pays any Distributions whereby the entitlement date for such Distributions is on or after December 3, 2020, but prior to the Closing Date, the Offeror will reduce the Offer Price by the quantum of the Distributions per Offer Share. In a related transaction, QL Green Resources Sdn. Bhd entered into an agreement to acquire an additional 4% stake in in Boilermech Holdings Berhad from Leong Yew Cheong for MYR 19.6 million on December 3, 2020. Prior to the transaction, QL holds 227 million shares in Boilermech representing 44.15% stake. The transaction will be funded from internally generated funds and/or borrowings. The Offeror do not have any plan and/or intention to liquidate any companies and intend to continue with the existing businesses relating to Boilermech. The Offeror do not have any plan to dismiss or make redundant any of the employees of the Boilermech. The Offeror intends to maintain the listing status of Boilermech on the Main Market of Bursa Securities. The offer is conditional upon valid acceptances which would result with QL holding more than 50% stake together with the shares they already held. As of January 25, 2021, the offer become unconditional and the acceptance condition has been fulfilled. QL does not intend to conduct a compulsory acquisition of the remaining shares from the holders who have not accepted the offer. The offer will remain open for acceptance from the posting date for a period of not less than 21 days or such later date as UOB Kay Hian Securities (M) Sdn Bhd. may announce. The offer is expected to be completed in the first quarter of calendar year 2021. The offer will be valid till January 14, 2021. As of January 12, 2021, the offer was extended from January 14, 2021 to January 29, 2021. AS of January 25, 2021, the offer is extended from January 29, 2021 to February 8, 2021. Based on the advise from Mercury Securities Sdn Bhd, all the Non-Interested Directors of Boilermech, Gan Chih Soon, Tee Seng Chun (Alternate Director to Gan Chih Soon), Ng Swee Weng, Ho Cheok Yuen, Adrian Chair Yong Huang and Rina Meileene binti Adam recommends to the shareholders that Offer is not fair and not reasonable. Accordingly, the Non-Interested Directors recommends to reject the offer. The transaction is expected to contribute positively to the earnings and earnings per share of the QL Group for the FY ending on March 31, 2021. UOB Kay Hian Securities (M) Sdn Bhd. acted as financial advisor and registrar to QL Green Resources Sdn. Bhd. Mercury Securities Sdn Bhd acted as financial advisor to Boilermech, subject to the clearance of eligibility of the Independent Adviser by the Securities Commission Malaysia. QL Green Resources Sdn. Bhd. completed the acquisition of 2% stake in Boilermech Holdings Berhad (KLSE:BOILERM) for approximately MYR 9.8 million on February 8, 2021. QL Green Resources acquired 10.3 million shares of Boilermech.