SBS Mining Corp. Malaysia Sdn. Bhd. entered into a share exchange agreement to acquire NAMI Corp. (OTCPK:NINK) in a reverse merger transaction on July 4, 2018. Under the terms of the transaction, NAMI will acquire 100% of the issued and outstanding shares of SBS from GMCI Corp, parent company of SBS in exchange for the issuance of approximately 720 million shares of NAMI to GMCI, representing 102.08% of NAMI’s pre-merger issued and outstanding shares of common stock. The acquisition was accounted for a recapitalization effected by a share exchange, wherein SBS is considered the acquirer for accounting and financial reporting purposes. Currently, NAMI has approximately 706 million shares of common stock issued and outstanding out of which 87.46% stake is held by Ong Tee Keat. Post-acquisition, NAMI will have 1.4 billion outstanding shares. GMCI will become majority shareholder of NAMI owning 50.51% of capital stock of NAMI and the current shareholders of NAMI shall own 49.49% of the capital stock. The transaction is subject to third party approval and approval from government and regulatory bodies. Yue Cao of Law Office of Yue & Associates acted as legal advisor to NAMI.