MB World Group Berhad (KLSE:MBWORLD) executed a share sale agreement to acquire Crystal Faber Sdn. Bhd. from Tropical Land Property Sdn. Bhd for MYR 16 million on May 31, 2018. As per the terms, MB World Group will acquire 0.5 million shares in Crystal Faber and the total consideration is comprised of cash consideration of MYR 6.3 million and the settlement of the directors’ advance which at the date of share sale agreement is MYR 9.7 million. 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 management accounts for the period ending December 31, 2017 and MB World is satisfied with the results of its due diligence enquiries in relation to Crystal Faber and Tropical Land, including but not limited to their businesses, affairs, legal matters affecting their businesses in which Crystal Faber 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. The acquisition is expected to be completed not later than 90 days from the execution of share sale agreement. 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. 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 the gearing, earning per share and net assets of MB World for the financial year ending December 31, 2018.