Chan Wee Boon and Tan Kwee Kee entered into a conditional share sale agreement to acquire Mega Label (Malaysia) Sdn. Bhd from PCCS Group Berhad (KLSE:PCCS) for MYR 8.5 million on December 21, 2021. The consideration of MYR 3.4 million will be paid as deposit, MYR 5.1 shall be paid within 30 days after the Unconditional Date and the balance consideration within 7 days from the Completion Date. For the year ending on September 30, 2021, Mega Label (Malaysia) Sdn. Bhd reported Net Assets of MYR 39.555 million. The transaction is subject to PCCS shareholder's approval, Chan Wee Boon and Tan Kwee Kee approval, consent and/or approval from the existing financiers of Mega Label (Malaysia) Sdn. Bhd., government approval and approval from any other relevant authorities and/or parties. As on February 10, 2022, PCCS has issued a circular for an EGM to be held on February 25, 2022 for approval of the transaction. The transaction is expected to close in the second quarter of 2022. The gross proceeds arising from the transaction will be used as MYR 1.4 million for working capital, MYR 6.5 million for Repayment of borrowing and remaining 0.6 million for estimated expenses for the transaction. Malacca Securities Sdn Bhd and Asia Equity Research Sdn. Bhd. acted as financial advisor to PCCS Group Berhad.

Chan Wee Boon and Tan Kwee Kee entered into a conditional share sale agreement to acquire Mega Label (Malaysia) Sdn. Bhd from PCCS Group Berhad (KLSE:PCCS) on June 23, 2022.