K. Seng Seng Corporation Berhad entered into a term sheet to acquire 51% stake in Metalmach Micro Technology Sdn Bhd from Low Kim Yoong for MYR 19.1 million on February 22, 2023. The purchase consideration is to be satisfied wholly by cash from the proceeds raised from the Proposed Private Placement. The deal is subject to consummation of due diligence and approval from regulatory board, shareholders of KSSC and directors and shareholders approval of Metalmach.

In a related transaction, K Seng agreed to acquire 51% equity interest each in Toong Soon Micron Sdn Bhd, Senshin Seimitsu Sdn Bhd and BLU Resources Sdn Bhd for a total cash purchase consideration of MYR 19.1 million which will be funded by the proceeds. As of June 16, 2023, Low Kim Yoong shall guarantee a minimum consolidated PAT of Metalmach Group of at least MYR 10 million collectively for both FYE 2023 and FYE 2024 and in the event that the actual consolidated PAT of Metalmach Group for FYE 2023 and FYE 2024 collectively or accumulatively is less than the Guaranteed PAT, Low Kim Yoong shall be liable to pay into Metalmach any shortfall between the actual consolidated PAT of Metalmach for FYE 2023 and 2024 and the Guaranteed PAT within 14 days from the date of finalization of audited financial statement for FYE 2024 of Metalmach. As of June 14, 2023 K. Seng Seng Corporation entered into a conditional share sale agreement to acquire 51% stake.

The Proposed Metalmach Acquisition is conditional upon Proposed Private Placement I. The acquisition has been cancelled on December 28,2023.