Datuk Uwe Ahrens, Chief Executive Officer and Director of Melewar Integrated Engineering, entered into an agreement to acquire Melewar Integrated Engineering Sdn Bhd from Melewar Industrial Group Berhad (KLSE:MELEWAR) for MYR 0.75 million on August 14, 2020. As part of the acquisition, Datuk Uwe Ahrens acquires 69,022,201 ordinary shares and 2,000 redeemable preference shares in Melewar Integrated Engineering Sdn Bhd from Melewar Industrial Group Berhad. Melewar Integrated reported shareholders deficit of MYR 72.3 million, revenues of MYR 0.7 million and loss after tax of MYR 1.2 million in the year ending June 30, 2020. The transaction is not subject to the approval of any regulatory authorities. The transaction is expected to close on August 14, 2020. The proceeds shall be utilized to shore-up the working capital of Melewar Industrial Group Berhad. The transaction will not have any effect on the issued and paid-up capital and substantial shareholders’ shareholders of Melawar Integrated and on the Net assets per share. Datuk Uwe Ahrens, Chief Executive Officer and Director of Melewar Integrated Engineering, completed the acquisition of Melewar Integrated Engineering Sdn Bhd from Melewar Industrial Group Berhad (KLSE:MELEWAR) on August 19, 2020. The disposal consideration has been received by Melewar Industrial Group.