Sedania Innovator Berhad (KLSE:SEDANIA) entered into a conditional shares sale agreement to acquire 36.9% stake in Tanamera Group from Mohamad Faisal Bin Ahmad Fadzil, Fauziah Binti Ahmad Fadzil and Faridah Binti Ahmad Fadzil for MYR 4.5 million on November 3, 2023. Sedania will be acquiring 4.35 million shares as part of the acquisition. Simultaneously, Sedania also entered into a subscription agreement, after which Tanamera will become a 51%-owned subsidiary of Sedania.

The purchase consideration will be funded via internally generated funds of Sedania. The acquisition is conditional upon Sedania being satisfied in all respects with the results of the due diligence investigation, that all necessary approvals and consents from the relevant authorities or any person, body or entity, including but not limited to banks and/or financial institutions, contract awarders of TGSB Group, for the sale of the TGSB?s Sale Shares, the change of controlling interest in TGSB have been obtained, Sedania having obtained the approval of its board and receipt of supporting documentations by Sedania. The transactions are expected to be completed in the first quarter of the financial year ending December 31, 2024.