Imaspro Corporation Berhad (KLSE:IMASPRO) entered into an agreement to acquire Mosfly International Sdn Bhd from Chan Sye Hong, Ho Kwong Kit, Siow Chin How, Gan Kong Leong and Wong Kai Leong for MYR 26 million in cash on April 25, 2016. Under the terms of the agreement, Imaspro will pay MYR 20.8 million on completion and remaining MYR 5.2 million 12 months after the closing. Imaspro will acquire 16.5 million shares in the transaction. The deal will be financed from internally generated funds and/or bank borrowings. Pursuant to the transaction, Mosfly International will become a wholly-owned subsidiary of Imaspro. In case of termination, both, Imaspro and Mosfly International are liable to pay a termination fees of 10% of the consideration if they cancel the transaction. Mosfly International reported net assets of MYR 3.82 million and loss after tax of MYR 0.43 million in 2015. The deal is subject to approval of Board of Directors of Mosfly International and Imaspro, approval of banks or financial institutional lender of Mosfly, consummation of due diligence by Imaspro and Mosfly International retaining 50% shareholding of Mosfly Vietnam. The deal is expected to be completed by the second quarter of 2016 and is not expected to have any material effect on Imaspro Group’s earnings per share, NA per share and gearing for the financial years ending on June 30, 2016 and June 30, 2017. Imaspro Corporation Berhad (KLSE:IMASPRO) completed the acquisition of Mosfly International Sdn Bhd from Chan Sye Hong, Ho Kwong Kit, Siow Chin How, Gan Kong Leong and Wong Kai Leong on May 5, 2016. All conditions precedent have been fulfilled.