ZICO Holdings Inc. (Catalist:40W) entered into a head of agreement to acquire 50% stake in Fragomen (Malaysia) Sdn. Bhd from Fragomen Global Immigration Services LLC on January 22, 2018. As of June 29, 2018, ZICO Holdings Inc. signed share purchase agreement to acquire 50% stake in Fragomen (Malaysia) Sdn. Bhd from Fragomen Global Immigration Services LLC for MYR 9.1 million. The consideration is equal to 50% of 1.03 times of total billing revenue of Fragomen (Malaysia) Sdn. Bhd for the financial year ended December 31, 2016 and shall be payable in cash. A deposit of 10% of the purchase consideration amounting to MYR 0.91 million is payable upon execution of the share purchase agreement. The deposit will be satisfied from the proceeds of initial public offering of ZICO Holdings Inc. The balance will be funded from a credit facility from a financial institution. For the year ended December 31, 2017, Fragomen (Malaysia) Sdn. Bhd reported net profit of MYR 2.2 million. The transaction is subject to certain conditions including both ZICO Holdings Inc. and Fragomen Global Immigration Services LLC conducting and being satisfied with the results of financial, legal, taxation and commercial investigation to each other, execution of joint venture agreement, share purchase agreement and any other agreements as ZICO Holdings Inc. and Fragomen Global Immigration Services LLC may agree on by April 15, 2018, all necessary corporate, anti-trust, regulatory, third party approvals and other consents being granted in a form satisfactory to ZICO Holdings Inc. and Fragomen Global Immigration Services LLC for the transaction and such other conditions as ZICO Holdings Inc. and Fragomen Global Immigration Services LLC may consider necessary. As on July 30, 2018, the conditions to the agreement have been fulfilled. As of April 13, 2018, ZICO Holdings Inc. and Fragomen Global Immigration Services LLC have mutually agreed to extend the timeline for the execution of the joint venture agreement, share purchase agreement and any other agreement from April 15, 2018 to June 30, 2018 or earlier. The long stop date is July 15, 2018 and the transaction is expected to complete on July 31, 2018 or such other date as may be mutually agreed upon.