Complete Logistic Services Berhad (KLSE:COMPLET) entered into a Sale and Purchase Agreement to acquire 50% stake in Channel Legion Sdn Bhd from Leon Law Li Yion and Lim Ka Lee for MYR 0.28 million on December 16, 2019. As per terms of transaction, Complete Logistic Services Berhad will acquire 0.2 million shares representing 40% stake from Leon Law Li Yion for MYR 0.224 million and 50000 shares representing 10% stake from Lim Ka Lee for MYR 0.056 million. Consideration will be satisfied fully in cash from internally-generated funds. Upon completion of the acquisition, Channel Legion Sdn Bhd will become a subsidiary of Complete Logistic Services Berhad by virtue of Complete Logistic Services Berhad controlling power over the Board of Directors (“Board”) of Channel Legion Sdn Bhd where a majority of the Board are to be nominated by Complete Logistic Services Berhad. The acquisition is not subject to Complete Logistic Services Berhad shareholders approval. The above acquisition does not have any effect on the issued and paid up share capital of Complete Logistic Services Berhad and has no material effect on the earnings and net assets of Complete Logistic Services Berhad Group for the financial year ending 31 March 2020. Complete Logistic Services Berhad (KLSE:COMPLET) completed the acquisition of 50% stake in Channel Legion Sdn Bhd from Leon Law Li Yion and Lim Ka Lee on January 10, 2020.