Citaglobal Berhad (KLSE:CITAGLB) entered into a share sale agreement to acquire 60% stake in Nova Reeco Sdn Bhd from Nik Ahmad Huznee and Nik Fadhlee Bin Nik Ahmad Huznee for MYR 3 million on August 4, 2023. In related transaction Citaglobal Berhad intends to purchase irredeemable convertible preference shares. Transaction is subject to Consummation of due diligence investigation, approval of offer by acquirer board and completion of the relevant share subscription agreement for Sale ICPS and/or other instruments set out in the Nova Reeco SSA. The transaction is expected to complete within 2 months. Astramina Advisory Sdn Bhd acted as financial advisory to Citaglobal Berhad.

Citaglobal Berhad (KLSE:CITAGLB) cancelled the acquisition of 60% stake in Nova Reeco Sdn Bhd from Nik Ahmad Huznee and Nik Fadhlee Bin Nik Ahmad Huznee on March 22, 2024.