Borneo Oil Berhad (KLSE:BORNOIL) agreed to acquire additional stake of 30.73% of stake in Makin Teguh Sdn Bhd from Yong Yit Fui and Mariana Binti Jamarudin for MYR 100 million on October 28, 2022. The consideration has been funded by the available cash. Upon completion of the Proposed Acquisition, MTSB will become a 60%-owned subsidiary of Bornoil with an aggregate shareholding of 75,643,075 MTSB Shares. The transaction is subject to directors of Vendor, Makin Teguh and Borneo Oil and shareholders of Borneo Oil. The withdrawal request of the listing application for the Proposals dated November 17, 2022, has been submitted to Bursa Malaysia Securities Berhad on December 13, 2022. The relevant announcement in relation to the resubmission of the listing application will be made in due course.

As on May 19, 2023, Borneo Oil entered into a deed of variation to the sale of share agreement to acquire 22% additional stake in Makin Teguh Sdn Bhd from Yong Yit Fui and Mariana Binti Jamarudin for MYR 40 million. Under the revised terms, Bornoil has paid MYR 12 million as deposit, MYR 18 million shall be paid upon the fulfilment of the conditions precedent and the remaining balance of MYR 10 million shall be paid within six (6) months in accordance with the terms of the deed of variation. The consideration will be satisfied wholly in cash from internally generated funds, potential equity and/or debt fundraising options/bank borrowings. Upon completion of the Proposed Acquisition, MTSB will become a 51.27%-owned subsidiary of Bornoil. The completion of the deed of variation shall occur upon the full payment of the consideration sum expected no later than the end of the third quarter of the year 2023. The proposed acquisition is expected to contribute positively to the future earnings and Net Assets of Bornoil group. As on May 23, 2023, share sale agreement was aborted in order to reformulate the terms and conditions of the proposals to expedite the acquisition of additional equity stake in Makin Teguh Sdn Bhd.