CC International Berhad (KLSE:CCIB) entered into an agreement to acquire 58.5% stake in M Property Management Pty Ltd from Match Pty Ltd for AUD 1.3 million on November 22, 2022. The Proposed Acquisition will be funded from the proceeds raised from the placement exercise undertaken in conjunction with CCIB?s listing on the LEAP Market of Bursa Malaysia Securities Berhad. The transaction is subject to consent by Macquarie Bank to the change of control in M Property and the restructuring of a banking facility of M Property in such a way that M Property become the sole borrower of the banking facility and the only guarantors of the banking facility shall be as specified with each of their respective liability under the restructured banking facility to be limited to the percentage as set out in the share purchase agreement and also any security granted by any company, other than M Property, in respect of the banking facility shall be released, otherwise the terms of the agreement or agreements documenting the restructuring of the banking facility shall be on terms satisfactory to the Vendor, acting reasonably.

Upon completion of the SSA, CCIB and the Vendor shall respectively be entitled to appoint two directors in M Property The transaction is expected to be completed in fourth quarter of 2022.