YLI Holdings Berhad (KLSE:YLI) entered into a conditional share sale agreement to acquire 80% stake in Damini Corporation Sdn Bhd from Dato? Borhanuddin Bin Ramli and Lo See Yong for MYR 9.5 million on July 3, 2024. The consideration consists of 10 million common equity with a value of MYR 6.5 million of YLI Holdings Berhad and MYR 3.5 million of cash.

YLI intends to fund the cash consideration via internally generated funds. For the period ending December 31, 2023, Damini Corporation Sdn Bhd reported total revenue of MYR 35.25 million, net income of MYR 1.26 million and total common equity of MYR 19.43 million. The transaction is subject to approval by Bursa Securities, for the listing of and quotation for the Consideration Shares on the Main Market of Bursa Securities and any other relevant authorities/parties if required.

The transaction is expected to complete by 3rd quarter of 2024. Hong Leong Investment Bank Berhad acted as financial advisor for YLI Holdings Berhad.