EKA Noodles Berhad (KLSE:EKA) entered into a heads of agreement to acquire Kepala Batas Bihun Sdn Bhd from Loo Seng Pang, Tai Poh Yak, Ang Eng Hooi, Phnuah Farn Farn, Ang Jin Mao and Dato’ Seri Serm Juthamongkhon on August 8, 2017. EKA Noodles Berhad (KLSE:EKA) entered into agreement to acquire Kepala Batas Bihun Sdn Bhd from Loo Seng Pang, Tai Poh Yak, Ang Eng Hooi, Phnuah Farn Farn, Ang Jin Mao and Dato’ Seri Serm Juthamongkhon for MYR 55 million on February 27, 2018. EKA Noodles Berhad will acquire 5.5 million ordinary shares in Kepala Batas Bihun Sdn Bhd for a purchase consideration of MYR 55 million to be satisfied in part by cash payment of MYR 33 million and MYR 22 million via the issuance of 440 million shares. EKA Noodles Berhad will acquire 5.5 million shares of Kepala Batas Bihun Sdn Bhd. EKA Noodles Berhad will acquire 10.91% stake from Loo Seng Pang, 13.64% from Tai Poh Yak, 35.45% from Ang Eng Hooi , 3.64% from Phnuah Farn Farn, 29.09% from Ang Jin Mao and 7.27% from Dato’ Seri Serm Juthamongkhon. The transaction is subject to the consummation of due diligence, agreement to the transaction documents on mutually acceptable terms, approval by the shareholders of EKA Noodles Berhad, all necessary regulatory approvals and all necessary third party consent. The conditional period for the satisfaction of the conditions period is 8 months from the date of agreement (February 27, 2018) i.e. the conditional period will end on October 26, 2018. Once the conditions precedent have been satisfied within the conditional period the completion date will be 7 business days from the said unconditional date. As of October 3, 2017, EKA Noodles and sellers mutually agreed to an extension of time of 90 days to execute the definitive agreement in relation to the transaction. As of October 11, 2018, EKA Noodles and sellers mutually agreed to extend the date to satisfy or waive the conditions precedent in accordance with the SPA which is expiring on October 26, 2018 for a further 6 months up to April 25, 2019. As of May 29 2019, EKA Noodles and sellers recorded in writing their mutual agreement on April 24, 2019 to extend the date to satisfy or waive the conditions precedent in accordance with the SPA in relation to the Acquisition up to October 30, 2019. As of October 30, 2019, EKA Noodles and sellers mutually agreed to extend the date to satisfy or waive the conditions precedent in accordance with the SPA in relation to the Acquisition up to April 30, 2020 or such other extended date as may be mutually agreed by the parties. M & A SECURITIES Sdn. Bhd. acted as a financial advisor for EKA Noodles Berhad. EKA Noodles Berhad (KLSE:EKA) cancelled the acquisition of Kepala Batas Bihun Sdn Bhd from Loo Seng Pang, Tai Poh Yak, Ang Eng Hooi, Phnuah Farn Farn, Ang Jin Mao and Dato’ Seri Serm Juthamongkhon on April 27, 2020. EKA Noodles and sellers mutually agreed to terminate the share purchase agreement.