Blum Network Capital Sdn. Bhd. entered into a Sale and Purchase Agreement to acquire Zhuhai Jadi Imaging Technologies Co., Ltd from Jadi Imaging Holdings Berhad (KLSE:JADI) for MYR 2.5 million on July 14, 2023.

Zhuhai Jadi Imaging Technologies Co., Ltd reported Net liabilities of MYR 0.58 million in May 31, 2023. The sale and purchase of the Sale Shares here under shall be conditional upon Review of the Agreement by the Ministry of Commerce of People's Republic of China, Zhuhai Jadi Imaging shall declare taxes and any fees payable pursuant to the Agreement to the tax authorities of People's Republic of China, Blum Network Capital Sdn. Bhd.

to apply to the foreign exchange administration of People's Republic of China for foreign exchange registration and application to open a foreign exchange account in the of People's Republic of China, Upon the Purchaser obtaining the Foreign Exchange Application, Blum Network Capital shall set up a foreign exchange account and perform the relevant capital verification and the Parties shall enter into an equity transfer agreement under the laws of People's Republic of China. The proceeds from the Proposed Disposal will be used for working capital purposes. The Proposed Disposal is expected to be completed latest by December 2023