GFM Services Berhad (KLSE:GFM) entered into a Share Sale Agreement to acquire remaining 51% stake in Highbase Strategic Sdn. Bhd. from Noor Jasni Bin Zakaria and Norliza Binti Mohd for MYR 18.2 million on November 3, 2023.

The purchase consideration shall be satisfied entirely via the assumption by GFM of the sellers? liabilities to Highbase Strategic on completion. Highbase Strategic reported revenue of MYR 28.1 million, profit after tax of MYR 1.2 million and shareholders?

funds of MYR 2.4 million for the FYE December 31, 2022. The transaction is expected to be completed by end of 2023. The proposed acquisition is expected to contribute positively on the future earnings and EPS of the GFM Group from FYE December 31, 2023 onwards.