GFM Services Berhad (KLSE:GFM) entered into the conditional share sale agreement to acquire KP Mukah Development Sdn Bhd from Kumpulan Parabena Sdn Bhd for MYR 130 million on January 26, 2018. As per the terms of consideration, GFM Services Berhad will pay MYR 1.3 million as an initial deposit upon execution of the agreement, MYR 11.7 million on the day when last of the conditions is satisfied or waived and balance MYR 117 million on the completion date. The consideration is expected to be funded entirely by internal funds and/or equity financing and/or borrowing of GFM Services Berhad. Upon completion of the transaction, KP Mukah Development Sdn Bhd will become a wholly-owned subsidiary company of GFM Services Berhad. In case of termination, defaulting party shall pay/forfeit MYR 13 million as liquidated damages. The transaction is subject to approval from the shareholders of GFM Services Berhad and Kumpulan Parabena Sdn Bhd in their general meeting, Bank Pembangunan Malaysia Berhad, Government of Malaysia, and RHB Bank Berhad having granted their written approval for Kumpulan Parabena Sdn Bhd. As of March 1, 2018, the extraordinary general meeting will be held on March 21, 2018. On March 21, 2018, the shareholders of GFM Services Berhad approved the transaction. The transaction is expected to complete in the second half of 2018. As of July 25, 2018, GFM Services Berhad and Kumpulan Parabena Sdn Bhd entered into a supplemental agreement pursuant to which transaction is expected to complete between the unconditional date and October 26, 2018. As of September 25, 2018, GFM Services Berhad and Kumpulan Parabena Sdn Bhd entered into a second supplemental agreement pursuant to which the completion period means a period of 30 days after the unconditional date. As of November 16, 2018, the parties entered into a third supplemental agreement, pursuant to which consideration shall be MYR 122.5 million. Long stop date was changed from September 26, 2018 to December 26, 2018. As of October 31, 2018, all the conditions precedent to the condition were fulfilled. Accordingly, the transaction became unconditional. The transaction is expected to close on the business day within 30 days from the unconditional date i.e. October 31, 2018. bKAF Investment Bank Berhad acted as a financial advisor for GFM Services Berhad.