InNature Berhad (KLSE:INNATURE) entered into a conditional sale and purchase agreement to acquire Blu Restaurant Sdn Bhd from Aquablu Technologies Sdn Bhd, Adventuria Sdn. Bhd. and Aquawalk Sdn.

Bhd. for MYR 21.25 million on May 10, 2024. As part of the acquisition, InNature will acquire 10 million shares, 6 million equating to 60% from Aquablu, 1.6 million equating to 16% from Adventuria and 2.4 million equating to 24% from Aquawalk.

Upon completion of the Proposed Acquisition, Blu Restaurant will become a wholly-owned subsidiary of InNature. The consideration will be funded through a combination of a portion of the total gross proceeds of MYR 47.41 million raised from - MYR 14.594 million raised from InNature?s IPO and MYR 6.653 million from internally generated funds. Blu Restaurant reported net assets of MYR 11.80 million as at December 31, 2023.

The acquisition conditional upon the approval of the non-interested shareholders of InNature at an EGM to be convened, the approval of the Franchisor in respect of the Proposed Acquisition in accordance with the Development Agreement, the approval, consent and/or sanction of any other relevant authorities/parties if required, the delivery of evidence from the Vendors to the Purchaser that all loan or other indebtedness due from and to the related parties of Blu Restaurant have been settled in full, conduct and completion of the due diligence exercise and all requisite approvals required by the Purchaser, Blu Restaurant and Vendors in respect of approvals from the board of directors and the shareholders approval. The transaction is expected to close in 3rd quarter 2024. cfSolutions Sdn.

Bhd. is appointed as the financial advisor to InNature.