Imaspro Corporation Berhad 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.
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.