Abad Naluri Sdn Bhd entered into a share sale agreement to acquire 51% stake in Penaga Pesona Sdn Bhd from Global Oriental Berhad (KLSE:GOB) for MYR 41.1 million on December 22, 2015. Under the terms of the transaction, on the date of execution of share sale agreement sum of MYR 4.10 million being 10% of the disposal consideration shall be paid. Within 3 months from the date of share sale agreement balance consideration of MYR 36.9 million will be paid. Penaga Pesona Sdn Bhd reported revenues of MYR 0.09 million, loss before tax of 3.41 million, loss after tax of MYR 3.22 million and shareholders' deficit of MYR 35.53 million for the year ended March 31, 2015.

In the event Abad Naluri fails to make payment in accordance with the agreement, Global Oriental may without prejudice to its rights under the agreement, terminate without liability on its part and Global Oriental shall be entitled to forfeit the deposit amount of MYR 4.1 million absolutely as agreed liquidated damages. The transaction is expected to be completed upon full and final settlement of the balance purchase price within 3 months from the date of share sale agreement which is expected to be by end of first quarter 2016, or an extended period of 3 months from the day following the expiry of the completion period. The consideration is expected to be utilized for repayment of bank borrowings, expenses and taxes and working capital. The transaction will not have any effect on the issued and paid-up share capital of Global Oriental and the shareholdings of the substantial shareholders of Global Oriental. The disposal is expected to reduce the gearing position of Global Oriental Berhad from 0.58 times to 0.49 times.

Abad Naluri Sdn Bhd completed the acquisition of 51% stake in Penaga Pesona Sdn Bhd from Global Oriental Berhad (KLSE:GOB) on February 5, 2016.