Securemetric Berhad (KLSE:SMETRIC) agreed to acquire 5% stake in ACE Digital Revolution Group Limited from Leong Wei Ping for RMB 4 million on September 5, 2022. The Acquisition Price shall be RMB 4 million only, which shall be satisfied by Securemetric in the following manner, (i) an amount of RMB 0.8 million shall be set off against the Deposit in full on the Completion Date; and an amount of RMB 3.2 million shall be paid by Securemetric to Leong Wei Ping on the Unconditional Date. The Series A Preferred Shares acquired by Securemetric shall be automatically converted into ordinary shares at the conversion ratio of 1:1 upon the sale and transfer by Leong Wei Ping to Securemetric pursuant to the articles of association of ACE.

The Acquisition Price of RMB 4,000,000 in cash will be fully funded using the CompanyÆs internally generated funds. The Acquisition is not subject to the approval of the shareholders of the Company or any regulatory authorities. The Acquisition is expected to be completed by the end of year 2022.