Innopac Holdings Limited entered into a memorandum of understanding to acquire unknown minority stake in FEC Power Sdn Bhd from FEC Cables (M) Sdn. Bhd. on June 8, 2021. The consideration for the proposed acquisition shall be satisfied through a combination of cash and the issuance of new ordinary shares in the Innopac. FEC Cables has proposed to provide a Profit Guarantee to Innopac MYR of 20 million profit before tax per annum for three years for the FEC Power. The transaction is subject to the conduct of a due diligence exercise by the Innopac on the FEC Power,the receipt of all necessary regulatory approvals, the approval of the independent Shareholders at the EGM, the receipt by the FEC Power of any applicable third party consents or waivers in connection with the Proposed acquisition, the execution and delivery of the definitive agreements, the Corporate Exercise such as fund raising and scheme of arrangements that the Innopac will be proposing to carry out