Fragomen Global Immigration Services, LLC entered into a conditional share purchase agreement to acquire an additional 50% stake in Fragomen Malaysia Sdn. Bhd. from ZICO Holdings Inc. (Catalist:40W) for $2 million on October 19, 2022. As a part of the transaction, ZICO's directors in the Fragomen Malaysia shall resign as directors. As of June 30, 2022, Fragomen Malaysia Sdn. Bhd. reported total assets of $1.1 million and total common equity of $5.3 million. The deal is subject to approval of ZICO's shareholders. Extraordinary general meeting of ZICO Holdings Inc. will be held on November 21, 2022. The Board intends to utilize the Net Proceeds for general working capital.
Fragomen Global Immigration Services, LLC completed the acquisition of an additional 50% stake in Fragomen Malaysia Sdn. Bhd. from ZICO Holdings Inc. (Catalist:40W) on November 23, 2022