Farm Fresh Berhad (KLSE:FFB) agreed to acquire 53% stake in The Inside Scoop Sdn Bhd from Edmund Tan Jun Hua, Derrick Wu and Harsh Rajpal for MYR 68 million on February 15, 2023. The consideration of MYR 84 million will be satisfied via cash of MYR 48 million and issuance of Farm Fresh 13.16 million new shares at an issue price of MYR 1.52 apiece. Farm Fresh will also ink a share subscription agreement with TISSB to acquire 12% of the enlarged issued TISSB shares for MYR 15.5 million. TISSB reported MYR 10.8 million of EBIDTA as of December 31, 2022. The deal is subjected to approvals from Farm Fresh's shareholders and Bursa Malaysia Securities and granting of the Put Option at our forthcoming EGM. The expected completion is in Q2, 2023. As of April 25, 2023, The approval of Bursa Securities for the listing and quotation of the Consideration Shares on the Main Market of Bursa Securities has been obtained vide its letter dated April 4, 2023. The cash portion of the Total Consideration amounting to approximately MYR 63.9 million will be funded using the unutilised proceeds raised from our Farm Fresh Berhad initial public offering. Pursuant to the SHA, Farm Fresh Berhad will grant the Put Option to Edmund Tan which would require our Farm Fresh Berhad to purchase from Edmund Tan in respect of all of the Put Option Shares. Where the exercise of the Put Option is in respect of part of the Put Option Shares, such exercise must be in 5% Multiple, unless the remaining Put Option Shares are less than 5% of the total TISSB Shares.

Farm Fresh Berhad (KLSE:FFB) completed the acquisition of 53% stake in The Inside Scoop Sdn Bhd from Edmund Tan Jun Hua, Derrick Wu and Harsh Rajpal on May 31, 2023.