Harvest Miracle Capital Berhad (KLSE:HM) entered into a share sale agreement to acquire 70% stake in Claybricks & Tiles Sdn.Bhd. from Commonwell Sdn. Bhd.

for MYR 10 million on November 17, 2023. The consideration will be satisfied through internally generated funds. Claybricks & Tiles Sdn.Bhd.

reported revenues of MYR 12.2 million, loss after tax of MYR 6.1 million and net assets of MYR 20.8 million for financial year ended December 31, 2022. The transaction is conditional upon Harvest Miracle being satisfied with the results of its due diligence investigation, Commonwell shall fully discharge all existing charges of Claybricks, Commonwell shall fully settle and discharge all the existing liabilities of Claybricks. The acquisition is expected to be completed in fourth quarter of the calendar year 2023.