Maxim Global Berhad (KLSE:MAXIM) entered into a conditional share sale agreement to acquire Maxim Realty Sdn. Bhd from Tan Sri Gan and Puan Sri Loh Foong Ping for MYR 10.8 million on April 13, 2023. Maxim Global will acquire 2 ordinary shares and pay consideration amount with cash of MYR 6.2 million will pay within a period of three (3) years from completion date and issue shares of 19.7 million. The deferred consideration shall be financed via internally generated funds and/ or from the remaining unutilized proceeds of MYR 49 million (due receivable in December 2023) earmarked for future investment in similar or complementary to the business of Maxim Global. The transaction is subject to adjustments in the event of: changes to the valuation as set out in the Valuation Reports pursuant to comments from SC and/or Bursa Securities, shortfall to the Adjusted Value of Butirjaya. The sale, purchase and transfer of the Maxim Realty Sdn. Bhd Sale Shares and the allotment of the Consideration Shares as contemplated therein are conditional upon the following: Maxim Global shall obtain the approval of its shareholders by way of resolution passed at a general meeting, Maxim Global shall obtain the approval-in-principle of Bursa Securities for the listing of and quotation for the Consideration Shares and the consideration shares to be issued under the sale and purchase agreements of the Proposed Acquisitions on the Main Market of Bursa Securities, where required, the MRSB Vendors shall obtain the agreement, consent or approval of: (a) banks, financiers and creditors of MRSB and/or any companies within the MHSB Group including Alliance Bank Malaysia Berhad and Maybank Islamic Berhad; (b) b. any other third party whose consent is required, for the transaction contemplated therein and under the SSAs on or prior to completion; the completion of a due diligence exercise to be carried out by Maxim Global and the procurement by the parties of such other relevant approvals, waivers or consents of any public authorities or parties as may be required by law or regulation or deemed necessary by the parties by mutual agreement in writing to undertake or due to the transactions contemplated therein. If any of the conditions precedent set out above is not fulfilled or otherwise waived by the MRSB Vendors and Maxim Global within 6 months from the date of the SSA MRSB (or such other date as may be mutually agreed by the MRSB Vendors and Maxim Global), either MRSB Vendors or Maxim Global may rescind the SSA MRSB by written notice to the other party. The transaction is expected to complete by the third quarter of 2023. As of August 4, 2023, shareholders of Maxim Global approved the acquisition of Maxim Realty. UOB Kay Hian Securities (M) Sdn Bhd. and MainStreet Advisers Sdn Bhd acted as financial advisors to Maxim Global. As of August 10, 2023, all the conditions for transaction have been fulfilled.

Maxim Global Berhad (KLSE:MAXIM) completed the acquisition of Maxim Realty Sdn. Bhd from Tan Sri Gan and Puan Sri Loh Foong Ping on August 11, 2023.