Matang Berhad (KLSE:MATANG) entered into a conditional share sale agreement to acquire Greencode Farm Sdn Bhd from Tan Chor Wee, Teyu Soo Moi, Lim Pon Chuan, and other shareholders for approximately MYR 30.5 million on May 2, 2023. Consideration shall be in the following manner An earnest deposit had been paid on February 28, 2023, amounted to MYR 0.62 million, MYR 2.45 million within 10 days of SSA execution, and the remaining MYR 27.5 million upon completion.. Pursuant to the terms of SSA, the total cash consideration of MYR 30.56 million shall be satisfied entirely via internally generated funds. GFSB reported the financial year ended December 31, 2022, revenue of MYR 1.05 million and profit after tax of MYR 0.61 million. The transaction is subject to the outcome of the due diligence, approval, and/ or consent in form and substance and on the terms and conditions (if any) applicable to the Buyer that all other governmental, public, or regulatory authorities whose approvals and/or consents, all financial institutions, contracting parties, licensing authorities and any other parties in relation to any contracts, banking facilities, and licenses involving and/or affecting GFSB to which consent is required for the SSA. The acquisition is expected to be completed in the third quarter of 2023.

Matang Berhad (KLSE:MATANG) completed the acquisition of Greencode Farm Sdn Bhd from Tan Chor Wee, Teyu Soo Moi, Lim Pon Chuan, and other shareholders on July 25, 2023.