Rhone Ma Holdings Berhad (KLSE:RHONEMA) (RMH) entered into a conditional share sale agreement to acquire 49% stake in One Lazuli Sdn. Bhd. (OLSB) from Raja Mariam Binti Raja Rustam Shahrome (Raja Mariam) for MYR 5.8 million on February 21, 2020. Under the terms of the acquisition, RMH will pay a cash payment of MYR 1.8 million and the issuance of 5.3 million RMH shares at an issue price of MYR 0.68 per share. Upon execution of this agreement, RMH shall pay MYR 0.54 million as a deposit. Upon completion of a new fund raising exercise to be undertaken by RMH and in any event not later than 90 days from the unconditional date, share consideration of 5,279,411 shares shall be paid to Raja Mariam. The balance purchase price of MYR 1.26 million only shall be paid upon settlement of share consideration. Upon completion of this transaction, Raja Mariam will hold 49% stake after completion of this transaction and remaining 2% will be held by Raja Zainab. In related transactions, RMH entered into conditional share sale agreements to acquire 49% stake in Nor Lazuli Nutrition Sdn Bhd and Nor Livestock Farm Sdn Bhd for MYR 1.8 million and MYR 0.7 million respectively. In addition to these acquisitions, RMH proposes to undertake a private placement to third parties where the proceeds to be raised will be partially utilised for these acquisitions. RMH will have majority of representatives in the Board of Director’s composition of OLSB. This transaction is subject to approval from the appropriate authorities, the approval for the listing and quotation of the new RMH Shares on the Main Market of Bursa Securities, all necessary approvals from banks and/or financial institutions, all liabilities of OLSB including without limitation all liability to taxation have been settled. As of March 10, 2020, the Bursa Securities approved the listing of 5.3 million Consideration shares to be issued pursuant to the transaction. As per announcement of May 21, 2020, all the parties have mutually agreed to an extension of time of 14 days from May 21, 2020 to June 4, 2020 to fulfill the conditions precedent of the agreement. As on June 4, 2020, all the conditions precedent of the share sale agreement in relation to the acquisitions have been fulfilled and the transaction has become unconditional. This transaction is expected to close in the second quarter of 2020. Public Investment Bank Berhad acted as the financial adviser of Rhone Ma Holdings Berhad. Rhone Ma Holdings Berhad (KLSE:RHONEMA) (RMH) completed the acquisition of 49% stake in One Lazuli Sdn. Bhd. (OLSB) from Raja Mariam Binti Raja Rustam Shahrome (Raja Mariam) on June 23, 2020.