LTKM Berhad (KLSE:LTKM) entered into a share sale agreement to acquire Local Assembly Sdn Bhd from Chai Voon Sun, Gurmakh Singh A/L Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd for MYR 729 million on April 8, 2022. Total purchase consideration is to be satisfied by way of cash of MYR 100.0 million and issuance of 393,333,333 new LTKM Shares. Upon completion Local Assembly will be a wholly owned subsidiary of LTKM.

For year ended December 31, 2021, Local Assembly reported revenues of MYR 116.35 million, Net income of MYR 20.059 million, Total assets of MYR 49.74 million and total common equity of MYR 31.08 million. The acquisition is subject to the approvals of Bursa securities, Confirmation of the High Court of Malaya, Shareholders of LTKM and approval of CCM for the name LA Technology Berhad, due diligence investigation, and other conditions precedents. The acquisition is expected to be completed by the first half of 2023.

M & A Securities Sdn Bhd acted as a financial advisor to LTKM.