RGT Berhad (KLSE:RGTBHD) entered into a share sale agreement to acquire remaining 40% equity interest in Rapid Growth Technology Sdn. Bhd. from Hor Lim Chee, Ng Choon Keat, Tan Song Chai, Lim Seat Hoe and Tan Ann Chee for MYR 43.8 million on August 21, 2019. As per agreement RGT Berhad will acquire 6 million shares and the consideration will be satisfied by issuing 282,352,941 million new ordinary shares. As on September 18, 2020, a supplemental agreement has been signed between the parties and RGT agreed to issue 283,636,363 shares as consideration. Hor Lim Chee will sell 2.4 million shares, Ng Choon Keat will sell 1.5 million shares, Tan Song Chai will sell 1.2 million shares, Lim Seat Hoe will sell 0.6 million shares and Tan Ann Chee will sell 0.3 million shares. Post-closing, Rapid Growth Technology Sdn. Bhd. will become a wholly-owned subsidiary company of RGT Berhad. For the period ending June 30, 2019, Rapid Growth Technology Sdn. Bhd. had a revenue, net income, total common equity of approximately MYR 83.44 million, approximately MYR 12 million and approximately MYR 65.90 million. The deal is subjected to approval of non-interested shareholders of RGT Berhad, shareholders of Rapid Growth Technology Sdn. Bhd., approval for listing of new shares on Bursa Securities, approval from Securities Commission Malaysia and MITI. The deal is expected to complete in fourth quarter of 2019. As of June 19, 2020, RGTBHD and the Vendors had mutually agreed in writing to extend the period for fulfilment of the Conditions Precedent pursuant to the SSA from 19 June 2020 to 30 June 2021. The deal is expected to complete in second quarter of 2020. As of December 2, 2020, application in relation to the transaction have been submitted to the Securities Commission Malaysia and Ministry of International Trade and Industry. The acquisition is expected to contribute positively to the consolidated earnings. UOBKH is acting as the Principal Adviser, Inter-Pacific Securities Sdn Bhd acted as an independent advisor to non-interested directors & shareholders of RGT Berhad. As of June 15, 2020, Inter-Pacific Securities Sdn Bhd terminated its role as independent advisor in the transaction. The audit committee of Rapid Growth Technology Sdn. Bhd. is of the opinion that the transaction is fair, reasonable and on normal commercial terms and in the best interest of RGT Berhad. Malacca Securities Sdn Bhd and UOB Kay Hian Securities (M) Sdn Bhd. acted as an independent financial advisor to non-interested directors & shareholders of RGT Berhad. RGT Berhad (KLSE:RGTBHD) cancelled the acquisition of remaining 40% equity interest in Rapid Growth Technology Sdn. Bhd. from Hor Lim Chee, Ng Choon Keat, Tan Song Chai, Lim Seat Hoe and Tan Ann Chee on June 30, 2021.