Straits Inter Logistics Berhad (KLSE:STRAITS) acquired additional 15% stake in Tumpuan Megah Development Sdn Bhd from Dato' Mohd Suhaimi Bin Hashim for MYR 11.7 million on January 11, 2021. Straits Inter will acquire 2.25 million shares as a part of this transaction and will pay the consideration in cash. In a related transaction, Straits Inter will issue upto 20% of its shares as a part of private placement. Upon completion of the Proposed Acquisition, Tumpuan Megah will become a 70%-owned subsidiary of Straits. The consideration will be funded from cash. The Proposed Acquisition is not subject to the approval of the Company's shareholders. All conditions were fulfilled on March 3, 2021.