Luxchem Corporation Berhad (KLSE:LUXCHEM) entered into a heads of agreement to acquire 55% stake in Lexis Chemical Sdn Bhd, Lexis Specialties Sdn Bhd and Lexis Corporation Sdn Bhd from Chuah Kim Piew and Lee Juinn Yong for MYR 121 million on December 14, 2020. Luxchem Corporation Berhad (KLSE:LUXCHEM) entered into a share sale agreement 55% stake in Lexis Chemical Sdn Bhd, Lexis Specialties Sdn Bhd and Lexis Corporation Sdn Bhd from Chuah Kim Piew and Lee Juinn Yong for MYR 121 million on May 19, 2021. Under the terms, Luxchem Corporation Berhad will pay partly via cash and partly via issuance of new shares at MYR 0.83 per share. proportion between the cash consideration and the aggregate value of the consideration shares will be determined and upon the execution of the agreement. Under the terms, Luxchem Corporation Berhad will acquire 1.1 million ordinary shares in in Lexis Chemical Sdn Bhd, 0.000055 million ordinary shares in Lexis Specialties Sdn Bhd and 0.000055 million ordinary shares in and Lexis Corporation Sdn Bhd. The consideration shall be subject to any adjustment after the completion of the due diligence exercise and such other completion adjustment as may be provided for in agreement. Luxchem Corporation Berhad within 75 days from the date of the heads of agreement such other period as may be agreed upon by the Due Diligence exercise. At any time in due diligence period in respect of any part of the results Luxchem shall be entitled to terminate by notice of termination. For the financial year ended December 31, 2020 Lexis Chemical Shd Bhd reported revenue of MYR 0.051232 million. For the financial year ended February 29, 2020 Lexis Specialties Sdn Bhd reported revenue of MYR 0.847001 million. The transaction is subject to listing/approval of new shares on stock exchange. The transaction is subject to the examination and verification of the financial and other affairs by accountants and solicitors, approval of shareholders of Luxchem Corporation Berhad, Chuah Kim Piew and Lee Juinn Yong obtained approval of financiers / creditors of Lexis Chemical, Lexis Specialties and Lexis Corporation, obtained the approval or consent of any other party which has entered into any subsisting arrangement, contract or undertaking or guarantee, Luxchem having obtained the approval of Bursa Securities, Parties finalised and agreed upon on the terms of the shareholders agreement and any other approvals. As of June 10, 2021, the acquisition has been submitted to Bursa Securities. The transaction is expected to close by the third quarter of 2021. Mercury Securities Sdn Bhd acted as financial advisor to the Luxchem Corporation Berhad. Luxchem Corporation Berhad (KLSE:LUXCHEM) completed the acquisition of 55% stake in Lexis Chemical Sdn Bhd, Lexis Specialties Sdn Bhd and Lexis Corporation Sdn Bhd from Chuah Kim Piew and Lee Juinn Yong on August 24, 2020