Mikro MSC Berhad (KLSE:MIKROMB) entered into an agreement to acquire additional 15% stake in Bio Eneco Sdn. Bhd. from Yeo Hock Cheong for MYR 55.8 million on July 7, 2023.

Under the terms of agreement, Mikro MSC will pay the consideration of MYR 52.5 million by issuing 328.125 million shares at an issue price of MYR 0.16 per share. For year ending December 31, 2022, Bio Eneco reported revenue of MYR 144,439,724, profit after tax of MYR 5,604,068 and net assets of MYR 11,495,261. The transaction is expected to complete by fourth quarter of 2023 and is subject to approval from Bursa Securities, the shareholders of Mikro or any other relevant parties/authorities, resolution of the board of directors of Bio Eneco approving the transaction and receipt of approval from Mikro?s directors at the Board.

As of August 11, 2023, Bursa Securities have approved the listing and quotation of shares. KAF Investment Bank Berhad acted as financial advisor to Mikro MSC.