Asia File Corporation Bhd. (KLSE:ASIAFLE) entered into a Share Sale Agreement Supportive Technology Sdn. Bhd. from ACME Holdings Berhad (KLSE:ACME) for MYR 21.5 million on September 10, 2021. Under the terms, an amount of MYR 5 million being the deposit and part payment on the date of the agreement and the balance of MYR 16.5 million will be paid within 30 days when the transaction become unconditional. As part of the transaction, Asia File will acquire 1,666,665 ordinary shares in Supportive Technology representing 100% of the total number of issued shares. Post completion, Supportive Technology will become a wholly-owned subsidiary of Asia File. The Proposed Acquisition will be financed from the Company's internally generated fund. ACME Holdings will use the proceeds to fund the working capital of property development projects which include, amongst others, payments to contractors, consultants, suppliers and authorities, within 18 months from the completion date.. Supportive Technology reported total assets as CNY 33.3 million, revenue and loss after tax as 0.1 million as net loss as 14.5 million for the period end on March 31, 2021. The transaction is subject to Asia File's board approval and ACME Holdings Berhad shall obtains its shareholders approval. The acquisition is subject to such other consents or approvals (if any) from any third party or relevant authorities and does not require the approval of Asia File shareholders and other government authorities. As of October 1, 2021, Bursa Securities approved the listing of and quotation for such number of new ACME Shares, representing up to 15% of the total number of issued ACME Shares (excluding any treasury shares), to be issued pursuant to the Proposed ESOS, subject to the following conditions: (i) ACME and TA Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed ESOS; (ii) TA Securities is required to submit a confirmation to Bursa Securities of full compliance of the Proposed ESOS pursuant to Paragraph 6.43(1) of the Listing Requirements and stating the effective date of implementation together with a certified true copy of the resolution passed by the shareholders in a general meeting approving the Proposed ESOS; and (iii) ACME to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of options under the Proposed ESOS as at the end of each quarter together with a detailed computation of listing fees payable. The transaction is expected to be completed the latest by first quarter of Year 2022. The acquisition is expected to contribute positively to the earnings of Asia File in future years.

Asia File Corporation Bhd. (KLSE:ASIAFLE) completed the acquisition of Supportive Technology Sdn. Bhd. from ACME Holdings Berhad (KLSE:ACME) on December 21, 2021.