MQ Technology Berhad (KLSE:MQTECH) entered into a memorandum of agreement to acquire 70% stake in Kibaru Manufacturing Sdn Bhd from six existing shareholder on September 2, 2020. Under the term, Sho Kim Lian, Un Chee Wei, Ooi Eng Kim, Liu WenJing, Tan Pei Pei and Ong Yu Zhi will transfer 1.11 million, 1.11 million, 1.11 million, 0.56 million, 0.56 million and 1.11 million shares of Kibaru respectively. The parties will enter into definitive agreement within 6 months from the date of the memorandum of agreement or such other extended period as may be agreed by the parties. The transaction is expected to funded through fund-raising exercise. The agreement is not expected to have any effect on Group's financial performance, gearing and substantial shareholdings. The transaction is expected to have positive effect on the MQ Tech future earnings. MQ Technology Berhad (KLSE:MQTECH) cancelled the acquisition of 70% stake in Kibaru Manufacturing Sdn Bhd from six existing shareholder on June 9, 2021.