Gas Malaysia Berhad (KLSE:GASMSIA) entered into a share sale agreement to acquire the remaining 25% stake in Gas Malaysia IEV Sdn. Bhd. from IEV Energy Sdn. Bhd. for MYR 0.14 million on November 3, 2017. Under the terms, Gas Malaysia Berhad will acquire 1.3 million ordinary shares in Gas Malaysia IEV and will finance the cash consideration by internally generated funds. Following the acquisition, Gas Malaysia IEV will become a wholly-owned subsidiary of Gas Malaysia Berhad. The transaction is subject to approval by IEV Energy's and Gas Malaysia's board, approval of the relevant ministry under Gas Malaysia IEV's license condition, and all other approvals, consents, authorizations, permit or waivers of any regulatory agency, authority or parties necessary or appropriate for and in connection with the sale and purchase of the shares upon the terms and conditions of the agreement. The agreement is not subject to the approval of the shareholders of Gas Malaysia Berhad. The Board of Directors of Gas Malaysia Berhad is of the opinion that the agreement is in the best interest of Gas Malaysia Group. The agreement will not have any material effect on the share capital and substantial shareholder’s shareholding of Gas Malaysia Berhad, earning per share, net assets and gearing of Gas Malaysia Group for the financial year ending December 31, 2017.