Ikhasas Sdn Bhd agreed to acquire PT Rafi Kamajaya Abadi and PT Sawit Rezki Abadi from TDM Berhad (KLSE:TDM) and Haji Rahman for MYR 115 million on March 21, 2022. Ikhasas Sdn Bhd entered into agreement to acquire PT Rafi Kamajaya Abadi and PT Sawit Rezki Abadi from TDM Berhad (KLSE:TDM) and Haji Rahman on July 29, 2022. Ikhasas will pay MYR 110 million for acquisition of PT Rafi Kamajaya Abadi and MYR 5 million for PT Sawit Rezki Abadi.

The Ikhasas Sdn Bhd shall pay to TDM a sum of MYR 2.3 million representing 2% of the Disposal Consideration, within seven (7) business days from the date of receipt of TDM's acceptance of the Offer as earnest money. Upon termination of the Offer, TDM shall refund the Earnest Money to the Purchaser in full within seven (7) business days without interest. Transacction is subject to Due Diligence and entering into sale purchase agreement.

Upon acceptance of the Offer, the Ikhasas Sdn Bhd shall have an exclusivity period of six (6) months or to such later date(s) as the parties may mutually agree, to complete and/or fulfil the condition. the gross proceeds from the proposed disposal, will improve the groups overall cash position and provide the requisite funds for the company to use for repayment of interest bearing borrowings and general working capital. Barring any unforeseen circumstances and subject to the fulfilment of all the RKA conditions and SRA conditions, the SRA conditional sale and purchase agreement (CSPA) and RKA CSPA are expected to be completed by the third quarter of 2023 and first quarter of 2025.