Signature International Berhad entered into a conditional share sale agreement to acquire 23.672398% stake in Fiamma Holdings Berhad from Lim Choo Hong for approximately MYR 180 million.

Signature International Berhad (KLSE:SIGN) entered into a conditional share sale agreement to acquire 23.672398% stake in Fiamma Holdings Berhad (KLSE:FIAMMA) from Lim Choo Hong for approximately MYR 180 million on May 18, 2022. As per the transaction, Signature International Berhad will acquire 120 million shares at MYR 1.50 per share. In a related transaction, Divine Intentions Sdn.

Bhd will acquire 30,000,000 Shares in Fiamma Holdings Berhad from Lim Choo Hong. Following completion, Lim Choo Hong will be holding 2,096,068 Shares representing 0.413% equity interest in Fiamma Holding Berhad. The transaction will be funded via a combination of internally generated funds and bank borrowings.

The transaction is subject to shareholders approval of Signature International Berhad. The transaction is expected to be completed by the end of September, 2022. As of September 7, 2022, EGM has been scheduled to approve the transaction.

M & A Securities Sdn Bhd acted as financial advisor to M&A Securities Sdn. Bhd. Eco Asia Capital Advisory Sdn Bhd acted as financial advisor to Signature International.