Signature International Berhad (KLSE:SIGN) entered into a share sale agreement to acquire remaining 40% stake in Signature Aluminium Sdn Bhd from Ang Chek Peow for MYR 15 million on May 26, 2022. The purchase consideration is subject to adjustments, comprising of MYR 5 million to be paid upon execution of SSA, MYR 5 million to be paid after 12 months of SSA and remaining MYR 5 million to be paid after 24 months of SSA. Prior to transaction, Ang Chek Peow owns a 40% stake and Signature International owns a 60% stake in SASB. Upon completion of the proposed acquisition, SASB shall become a wholly-owned subsidiary of Signature International. The transaction will be financed through internally generated funds. The SASB had net assets of MYR 25.35 million as at March 31, 2022. The acquisition is not subject to any approvals of the shareholders of SIGN and/or any other relevant regulatory authorities and it is not conditional upon any other corporate exercise proposed or to be proposed by the company. The acquisition is expected to be completed by the third quarter of year 2022. The acquisition is expected to contribute positively to the future earnings and EPS of SIGN Group and will not have any effect on the substantial shareholders' shareholdings as there is no issuance of new SIGN's shares.

Signature International Berhad (KLSE:SIGN) completed the acquisition of 40% stake in Signature Aluminium Sdn Bhd from Ang Chek Peow on May 26, 2022.