K. Seng Seng Corporation Berhad (KLSE:KSSC) agreed to acquire 40% stake in Metalmach Micro Technology Sdn Bhd from Low Kim Yoong for MYR 14 million on January 15, 2024. Upon completion of the acquisition, Metalmach will become an associate company of KSSC. Post the completion of the transaction, Low Kim Yoong will remain as the shareholder with 26.9%.

The purchase consideration for acquisition will be funded via the proceeds to be raised from the Proposed Private Placement. The transaction is conditional on approval of Bursa Securities, shareholders of KSSC, consent and/or approval from the existing financier of Metalmach and/or all appropriate authorities in relation to the change in control of Metalmach and any other relevant authorities and/or parties. The transaction is expected to be completed by the first half of 2024.

As of April 12, 2024, K. Seng Seng Corporation and Low Kim Yoong agreed to extend the conditional period of the SSA until July 13, 2024. M & A Securities Sdn Bhd acted as the financial advisor and Eco Asia Capital Advisory Sdn Bhd acted as the fairness opinion provider to K. Seng Seng Corporation.