Vizione Holdings Berhad (KLSE:VIZIONE) entered into non-binding heads of agreement to acquire Midlands City Sdn. Bhd from Dato' Ng Aun Hooi, Ting Hing Khok and Ng Kok Kiang (Vendors) for MYR 38 million on July 28, 2020. On August 24, 2022, Vizione Holdings Berhad signed an agreement with the vendors. As reported, the stake will be acquired free of encumbrance from the Vendors for a purchase consideration based on 10% discount to fair value of Midlands City as may be determined by the valuer appointed by Vizione Holdings Berhad. The consideration will be satisfied via cash, new ordinary shares of Vizione Holdings Berhad and/or convertible securities of Vizione Holdings Berhad. In related transactions, Vizione Holdings Berhad entered into four additional non-binding heads of agreements to acquire certain properties from Barisan Tenaga Perancang (M) Sdn Bhd,, Wira Syukur Holdings Sdn. Bhd. from Dato' Ng Aun Hoo and Bee Jian Ming, 35 units of completed freehold 3-storey shophouse at Bandar Nilai Utama, Negeri Sembilan from S Wira Development Sdn Bhd and Fields of Forest Sdn. Bhd from Dato' Ng Aun Hooi on July 28, 2020. The respective parties to the heads of agreements are to enter into a definitive agreement three months from the date of the heads of agreements or such other extended period as may be mutually agreed by the parties. The financial effects will be determined at a later stage after the relevant due diligence and the valuations are completed. The Purchase Consideration and the Development will be funded via a combination of internally generated funds and/or bank borrowings, the exact quantum of which will be determined by the Board at a later date upon obtaining all the necessary approvals. Certain approval is need like the Vendors having obtained or procured to be obtained the written consent from the financiers/ creditors of Midlands City for the sale and transfer of the Sale Shares to the Purchaser, the Vendors having obtained, waived or granted and ensure that all the necessary approval, consent, permission or no objection required from any governmental or regulatory body or competent authority having jurisdiction over the sale of the Sale Shares,and the Purchaser being satisfied in all respects with the results of the business, legal and financial due diligence reviews and other inquiries and investigations into the business, projects, matters and affairs of Midlands City. As of February 22, 2023, Bursa Securities had, resolved to grant the Vizione Holdings Berhad regarding approval for an extension of time up to April 30, 2023.

Vizione Holdings Berhad (KLSE:VIZIONE) canceled the acquisition of Midlands City Sdn. Bhd from Dato' Ng Aun Hooi, Ting Hing Khok and Ng Kok Kiang (Vendors) on March 30, 2023.