Matrix Parking Solution Holdings Berhad (KLSE:MPSOL) entered into a conditional share sale agreement to acquire Prospect Builders Sdn Bhd from Cabaran Permata Sdn Bhd, Envy Concept Sdn Bhd and Lam Joo Onn for MYR 2.6 million on May 29, 2020. The consideration is payable by issuance of 14.6 million shares. Cabaran Permata Sdn Bhd and Envy Concept Sdn will sell 40% stake each and Lam Joo Onn will sell 20% stake in Prospect Builders Sdn Bhd. For the year ended September 2019, Prospect Builders Sdn Bhd reported Revenues of MYR 0.079 million, net income of MYR 0.37 million and shareholders fund of MYR 0.09 million The transaction is subject to the approval of Bursa Securities for the listing of and quotation for the Consideration Shares, approval of the shareholders of Matrix at an extraordinary general meeting and approval, consent and/or sanction of any other relevant authorities/parties, if required. The SSA is conditional upon completion of the financial and legal due diligence on PBSB to the satisfaction of Matrix. The Due Diligence shall be completed within 30 days from the date of the SSA or such longer period as may be agreed. In the event that the Conditions are not fulfilled for any reason whatsoever, the SSA shall be deemed to be void ab initio and the sum of MYR 10 only shall be refunded to Matrix and thereafter neither party shall have any claim against the other except for antecedent breaches of the SSA or for any expenses incurred during the course of complying with the obligations of the parties. The acquisition is expected to be completed by the third quarter of 2020. M&A Securities Sdn. Bhd. acted as the financial advisor to Matrix.