RGT Berhad (KLSE:RGTBHD) entered into a conditional share sale agreement to acquire remaining 40% stake in Rapid Growth Technology Sdn. Bhd. from Hor Lim Chee, Ng Choon Keat, Tan Song Chai, Datuk Lim Seat Hoe and Tan Ann Chee for MYR 93.6 million on September 6, 2021. RGT Berhad will acquire 6 million shares in Rapid Growth and will issue 267.5 million as part of the consideration. The sellers will own 47.52% stake in RGT Berhad post completion of the acquisition. Upon completion of the acquisition, Rapid Growth will become a wholly-owned subsidiary of RGT Berhad. The transaction can be terminated if any of the conditions precedent is not satisfied by the last conditions date, any of the approvals referred to in any of such conditions date are approved on terms and/ or conditions which are not acceptable to either party, it appears that any of the warranties by the other party as contained in the agreement is or has become inaccurate or misleading (save as disclosed); or iv. any material breach of the provisions of the agreement by other party which could not be remedied within 14 days from notification date by the non-defaulted party. Rapid Growth Technology reported revenue of MYR 120.5 million, profit after tax of MYR 17.83 million and shareholders' funds of MYR 88.33 million for the financial year ended June 30, 2021.

The transaction is subject to non-interested shareholders' approval of RGT Berhad, approval from Bursa Securities for the listing of and quotation for the new RGT shares, approval from the SC on the Proposed Exemption and other government, public or regulatory authorities or bankers of Rapid Growth whose approvals are considered necessary or expedient by RGT in relation to the sale and purchase of Rapid Growth shares have been obtained on terms and conditions (if any) acceptable to both parties. The agreement shall become unconditional on the date when the conditions precedent have been fulfilled. The transaction is expected to be completed by the fourth quarter of 2021. UOB Kay Hian Securities (M) Sdn Bhd acted as financial advisor to RGT.

RGT Berhad (KLSE:RGTBHD) completed the acquisition of 40% stake in Rapid Growth Technology Sdn. Bhd. from Hor Lim Chee, Ng Choon Keat, Tan Song Chai, Datuk Lim Seat Hoe and Tan Ann Chee on January 25, 2022.