Tiger Synergy Berhad (KLSE:TIGER) execute a binding term sheet to acquire Quest Stockbrokers (HK) Limited from Quest Investments Limited for HKD 15 million on February 11, 2019. Under the term sheet, Tiger Synergy Berhad shall pay 10% of the consideration in cash on the date of agreement being the deposit moneys payable and remaining 90% will be paid through issuance of new shares of Tiger Synergy Berhad. Certain amounts are due to Quest Stockbrokers (HK) Limited by its related companies and any other parties and that those amounts will be netted-off against the consideration.

Both the parties have agreed that consideration shall not less than HKD 15 million. Tiger Synergy Berhad shall change the name of Quest Stockbrokers (HK) Limited to some other name not including the name of “Quest” should Quest Stockbrokers (HK) Limited so direct not less than 14 days prior to all relevant approvals being granted for Tiger Synergy Berhad to take an interest in Quest Stockbrokers (HK) Limited. The current staff of Quest Stockbrokers (HK) Limited will be retained on terms and conditions no worse than their current remuneration conditions for not less than 12 months.

Chiang Wee Tiong and certain senior executives of Quest Stockbrokers (HK) Limited will be retained by and permitted to trade under the “banner” of the new owner for not less than 3 years on their own account and on the account of their clients and on the same terms and conditions that apply to each of them with Quest Stockbrokers (HK) Limited. Quest Stockbrokers (HK) Limited and Tiger Synergy Berhad shall do all such acts matter and things as may be required to procure approval of all relevant authorities to the transaction provided for herein with all due diligence The transaction is subject to the approval of the Securities & Future Commission, amongst others. It is anticipated that all approval should be procured on or before August 31, 2019.

Quest Investments and Tiger will enter into the definitive agreement within thirty business days from the date of the term Sheet.