Pantech Group Holdings Berhad (KLSE:PANTECH) agreed to acquire Unity Precision Engineering Sdn. Bhd. from Goh Eng Lee and Goh Kian Chong for MYR 13 million on January 3, 2022.

The Purchase Consideration of RM13 million was arrived at by the parties after negotiation and taking into consideration of the amount due and owing by UPESB to the Vendors, financiers, trade creditors and other related and unrelated parties amounting to RM13.23 million (“Outstanding Debts”).The Purchase Consideration shall be satisfied in the following manner cash consideration of RM0.005 million being the agreed value of the Sale Shares and repayment of UPESB's Outstanding Debts of up to RM12.95 million. Goh Eng Lee is the sole Director of UPESB and are the shareholders of UPESB with No. of ordinary shares held by Goh Eng Lee 360,000 (90%) Goh Kian Chong 40,000 (10%).

The Acquisition does not require any approval from the shareholders of Pantech. Barring any unforeseen circumstances, the Acquisition is expected to be completed by the first quarter of 2022.