Lee Wai Seng entered into share sale agreement to acquire Parlo Global Marketing Sdn. Bhd. from Parlo Berhad (KLSE:PARLO) for MYR 1 on April 7, 2022. The consideration was derived from a willing buyer and willing seller basis after taking into consideration of the weak financial performance of the company. Upon completion of transaction, Parlo Global Marketing will cease to be a subsidiary of Parlo Berhad. The disposal is expected to be completed by June 6, 2022. The transaction is subject to the approval of KPKDN on the change of ownership, the disposal is not subject to the approval of the shareholders of Parlo and/or any other regulatory authorities. The disposal is not expected to have any material impact on the issued share capital, net assets per share, earnings per share and gearing of the Parlo Group for the financial period ending June 30, 2022.

Lee Wai Seng completed the acquisition of Parlo Global Marketing Sdn. Bhd. from Parlo Berhad (KLSE:PARLO) on July 20, 2022.