Dato' Ong Choo Meng entered into an agreement to acquire a 14.94% stake in Classic Scenic Berhad (KLSE:CSCENIC) from Complete Logistic Services Berhad (KLSE:COMPLET) for MYR 32 million on March 14, 2022. The consideration will be paid in cash based on MYR 0.76 per Disposal Share and MYR 0.26 per Disposal Warrant. The consideration shall be paid within the completion period of 14 days from the unconditional date. The transaction is subject to approval of shareholders of Complete Logistic Services Berhad. The Board is of the opinion that the Proposals are in the best interest of the Group and the transaction has been approved by the Board of Complete Logistic Services Berhad. The Proposals are not conditional upon any other corporate proposals of CLSB. The transaction is expected to close by first half of 2022. As of June 15, 2022, the transaction is expected to close in Mid July 2022. The proceed of the disposal will be used for Future investment opportunities or Special dividend and for estimated expenses for the proposals. The acquisition will not have any effect on earnings, EPS, NA, NA per share, gearing, share capital and substantial shareholder's shareholdings of CLSB. M&A Securities Sdn. Bhd. acted as independent advisor and Eco Asia Capital Advisory Sdn Bhd acted as financial advisors for Complete Logistic Services Berhad in the transaction.

Dato' Ong Choo Meng completed the acquisition of a 14.94% stake in Classic Scenic Berhad (KLSE:CSCENIC) from Complete Logistic Services Berhad (KLSE:COMPLET) on July 14, 2022. The Proposed Disposal had been approved by the shareholders at the EGM.