Propel Global Berhad (KLSE:PGB) agreed to acquire 51% of stake in Best Wide Engineering (M) Sdn. Bhd. from Azizi bin Alias and Tan Siew Lee for RM 7.8 million on December 8, 2022. As part of the share sale agreement, Propel Global has also entered into a put and call option agreement with Jasniazrin and Siew Lee that requires Propel Global to purchase up to 49.0% of the remaining equity interest in BWE from them and, Jasniazrin and Siew Lee will grant Propel Global the right during the call option period that requires them to sell up to 34.0% equity interest in BWE to Propel Global. Best Wide Engineering has a net assets of RM 13.8 million for the 11-month financial period ended 31 October 2022. RHB Investment Bank Berhad acted as financial advisor to Propel Global Berhad. PGB and the SSA Vendors had, via a letter dated January 6, 2023, mutually agreed to waive the condition precedent to obtain written consent from a financial institution.

Propel Global Berhad (KLSE:PGB) completed the acquisition of 51% of stake in Best Wide Engineering (M) Sdn. Bhd. from Azizi bin Alias and Tan Siew Lee on January 6, 2023.