Cloudpoint Technology Berhad (KLSE:CLOUDPT) entered into a binding term sheet to acquire 75% stake in Unique Central Sdn. Bhd. from Foo Choy Lim and Wong Wee Kiong for MYR 14.5 million on February 6, 2024.

Pursuant to the acquisition, Unique Central will become 75% subsidiary of Cloudpoint. The earnest deposit, 3% of total purchase consideration was paid on February 6, 2024 in accordance to the terms of the term sheet and was funded via Cloudpoint?s internal funds. The acquisition is conditional upon satisfactory due diligence, receipt of all approvals and third-party consents, shareholders approval of the vendors and purchaser and board approval of Cloupoint.

The acquisition is expected to contribute positively to the future earnings and improve the financial position of Cloudpoint. M & A Securities Sdn Bhd is acting as the principal adviser to in the transaction.