CAB Cakaran Corporation Berhad (KLSE:CAB) entered into a conditional share sale agreement to acquire 51% equity interest in Benarlab Sdn Bhd from Tan Wen Lee and Aman Tan Ho Peng for RM 3.3 million on July 16, 2021. CAB Cakaran Corporation Berhad has agreed to purchase 1,273,980 ordinary shares in Benarlab at an issue price of RM0.44 per Consideration Share. 3,750,000 shares are issued to Tan Wen Lee and Aman Tan Ho Peng each. Save for the obligations and liabilities in and arising from, pursuant to or in connection with the SSA, there are no other liabilities, including contingent liabilities and guarantees, to be assumed by CAB Group arising from the Proposed Acquisition. Proposed Acquisition represents a price-to-earnings multiple of 2.70 times. Benarlab reported revenue of RM 20.115 million, gross profit of RM 4.946 million, profit before tax of RM 3.133 million and profit after tax of 2.395 million for the financial year ended on September 30, 2020. The transaction is subject to approval from Bursa Securities for the listing of and quotation for the consideration shares to be issued pursuant to the proposed acquisition on the Main Market of Bursa Securities, CAB Cakaran Corporation Berhad being satisfied with the results of any due diligence and/ or other investigations and inquiries carried out by the Purchaser and/ or its solicitors, accountants and/ or other agents or professional advisers in relation to Benarlab and other government, public or regulatory authorities, parties or bankers of Benarlab whose approvals are considered necessary or expedient by CAB Cakaran Corporation Berhad in relation to the sale and purchase of the Benarlab Shares have been obtained on terms and conditions (if any) acceptable to both parties. Completion of the sale and purchase of the Benarlab Shares shall take place on the listing date of the consideration shares. As of August 24, 2021, Bursa Securities had resolved to approve the listing and quotation of 7,500,000 Consideration Shares to be issued pursuant to the Proposed Acquisition. The transaction is expected to be completed by the fourth quarter of 2021. UOB Kay Hian Securities (M) Sdn Bhd. acted as financial advisor to CAB Cakaran Corporation Berhad.