Shermaine Phang Kitt Yan entered into an agreement to acquire 80% stake in MCM Studio Entertainment Group Sdn. Bhd. from Capital World Limited (Catalist:1D5) for MYR 60 on January 8, 2020. The consideration is payable in cash. Shermaine Phang will acquire 60 shares of MCM Studio Entertainment Group. Post-completion, MCM Studio Entertainment Group will cease to be a subsidiary of Capital World Limited. Shermaine Phang will procure MCM Studio Entertainment Group to pay its debt and if MCM Studio Entertainment Group is unable to pay to its debt within one year, than Shermaine Phang shall pay the debt. The transaction is subject certain conditions precedent. The long stop date is January 31, 2020. Shermaine Phang Kitt Yan cancelled the acquisition of 80% stake in MCM Studio Entertainment Group Sdn. Bhd. from Capital World Limited (Catalist:1D5) on January 8, 2021.