EP Manufacturing Bhd (KLSE:EPMB) agreed to acquire Kensington Development Sdn Bhd from Pacific Novel Limited for MYR 45.6 million on July 19, 2021. The consideration shall be funded via EP Manufacturing Bhd's internally generated funds and/or borrowings. The acquisition is subject to the following approvals being obtained: (i) Kensington Development's financiers or creditors for the sale and transfer of the stake, (ii) the approval of Pacific Novel's shareholders for the disposal, (iii) any other relevant regulatory authorities and/or parties, if required, (iv) completion of due diligence exercise. The transaction is expected to complete during the fourth quarter of 2021. EP Manufacturing and Pacific Novel have mutually decided to extend the completion date for a further period of six months to October 18, 2022. As on October 14, 2022, The Board wishes to announce that EP Manufacturing and Pacific Novel have mutually agreed to extend the completion date for a further period of three months to January 18, 2023. The acquisition is not expected to have a material effect on the EP Manufacturing's earnings and earnings per share for the financial year ending December 31, 2021. As on October 18, 2022, The sales of two parcels of freehold land to Precious Vision Sdn Bhd was delayed and the completion date was extended to December 19, 2022. EP Manufacturing will settle the balance purchase consideration from the sales of two parcels of freehold land.

EP Manufacturing Bhd (KLSE:EPMB) completed the acquisition of Kensington Development Sdn Bhd from Pacific Novel Limited on December 29, 2022.