KAB Energy Holdings Sdn. Bhd. entered into a Share Sale Agreement to acquire Matahari Suria Sdn Bhd from Unique Forging & Components Sdn. Bhd. for approximately MYR 5.3 million.

KAB Energy Holdings Sdn. Bhd. entered into a Share Sale Agreement to acquire Matahari Suria Sdn Bhd from Unique Forging & Components Sdn.

Bhd for approximately MYR 5.3 million on August 18, 2022. Kejuruteraan Asastera acquire 1 million shares of Matahari. The gearing amount to MYR 0.57 million and EPS is MYR 0.005 million.

The Proposed Acquisition is not subject to the approval of shareholders of KAB but could be subject to the approval of relevant authority(ies), if required. The Board of Directors of the Company, having reviewed and considered the terms and conditions of the SSA(s), are of the opinion that the SSA(s) are in the best interest of the Company and the terms and conditions of the SSA(s) are fair, reasonable and on terms that are not detrimental to the minority shareholders of the Company. Completion of the sale and purchase of the Sale Shares is provided to take place on the day falling within 30 days from the date by which all conditions precedent must be fulfilled or waived (I.e. Cut-off Date), where Cut-Off Date is defined as 1 month from the Latching Period.

“Latching Period” is defined as a 2-month time frame commencing from the date of the SSA during which the Purchaser shall complete the due diligence exercises and the Parties may renegotiate and agree upon any terms to be incorporated into the SSA based on the findings during the due diligence or upon the advice of the Purchaser’s consultants. Therefore, in brief, if the Parties reaffirm the Proposed Acquisition on the same or varied terms of the SSA during the Latching Period, the estimated time frame for completion is 4 months from the date of the SSA. Upon completion of the Proposed Acquisition, MSSB will become a wholly-owned subsidiary of KABEH.

As of March 16, 2023, The Board of KAB wishes to announce that KABEH and UFC, had mutually agreed to extend the Cut-Off Date as stipulated in the Agreement in relation to the Proposed Acquisition to May 17, 2023. As on May 16, 2023, The Board of KAB wishes to announce that KAB Energy Holdings Sdn. Bhd.

and Unique Forging & Components Sdn. Bhd, had mutually agreed to extend the Cut-Off Date as stipulated in the Agreement in relation to the Proposed Acquisition to July 17, 2023.