SMTrack Berhad (KLSE:SMTRACK) entered into the share sale agreement to acquire 30% stake in V Ultimate Wellness Berhad from Gan Wen Ting for MYR 16.9 million on June 9, 2022. Under the terms of the transaction, SMTrack Berhad will issue 211.8 million shares to Gan Wen Ting. Upon completion, the board of V Ultimate Wellness Berhad shall consist of up to 5 directors to be nominated by the parties as follows:(a) up to 2 directors to be nominated by Gan Wen Ting, Susan Wong Yun Tsu and GWT Wellness collectively; and (b) up to 3 directors to be nominated by SMTrack Berhad.

The transaction is subject to following conditions: approval of SMTrack Berhad's shareholders; SMTrack Berhad having obtained the approval from Bursa Securities for the listing of and quotation for the consideration shares; SMTrack Berhad shall have completed its legal, financial and technical due diligence review and all the necessary approval, consent, permission or no objection required from all the relevant regulatory authorities. As on October 21, 2022, Bursa Securities, the approval of which was obtained. Shareholders at the forthcoming EGM.

As of November 4, 2022, TA Securities had, on behalf of the Board announced that the Company and the Vendors have mutually agreed to vary one of the conditions precedent under the SSA the Vendors shall procure the full redemption by Kiseki Marketing of all the outstanding 2,000,000 redeemable convertible preference shares held by Valuevest Ventures Sdn Bhd on or before July 10, 2022. Following the Variations, the parties have mutually agreed that the Date of Redemption shall be extended to November 30, 2022.