MB World Group Berhad (KLSE:MBWORLD) executed a share sale agreement to acquire Parkwood Palms Sdn Bhd from Tropical Land Property Sdn. Bhd for MYR 6.9 million on June 10, 2019. As per the terms, MB World Group Berhad will acquire 5.8 million shares in Parkwood Palms Sdn Bhd. MB World Group Berhad shall pay MYR 0.7 million to Parkwood Palms Sdn Bhd upon completion of the agreement and MYR 6.2 million not later than fourteen days from the completion period. The purchase price for the acquisition will be funded by internally generated funds. The transaction is subject to approval of the board of directors of MB World, the approval of or waiver from any other regulatory requirements by any relevant authorities including the issue of any documents, circulars and notifications, if required, the delivery of the latest audited report for the period ended December 31, 2018 and management account up to May 31, 2019, and MB World is satisfied with the results of its due diligence enquiries in relation to Parkwood Palms Sdn Bhd including but not limited to their businesses, affairs, legal matters affecting their businesses in which Parkwood Palms and Tropical Land operate in their sole and absolute discretion. For the avoidance of doubt this clause is inserted for the sole benefit of MB World who may decline without reasons to confirm due diligence as satisfied. Unless otherwise agreed by the parties hereto in writing, this agreement shall become unconditional upon all the approvals and conditions under Clause 2.2.1 hereof being satisfied or waived. Post acquisition, Parkwood Palms Sdn Bhd will become a wholly-owned subsidiary of MB World which will assume the liabilities in respect of the settlement of the balance property purchase price of MYR 51.3 million. The acquisition is expected to be completed within the financial year ending December 31, 2019. If MB World is unable to pay the same within the completion period, Tropical Land shall grant an automatic extension of 30 days from the expiry of the completion period to the MB World to do so subject to the MB World paying late payment interest at the rate of eight per centum per annum on the outstanding sum on a daily basis from the day next following the expiry of the completion period until full payment of such outstanding balance of the purchase price. The acquisition will not have any effect on the issued and paid up share capital and the substantial shareholders shareholding structure of MB World and acquisition is not expected to have any material effect on earning per share and net assets of MB World for the financial year ending December 31, 2019. MB World Group Berhad (KLSE:MBWORLD) cancelled the acquisition of Parkwood Palms Sdn Bhd from Tropical Land Property Sdn. Bhd on June 10, 2020.