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KUALA LUMPUR, Malaysia (July 6): SMTrack Bhd has signed a heads of agreement (HoA) with vendors to buy up to 10% of V Ultimate Wellness Bhd’s equity.
The purpose of the HoA, according to the company, is to open the ground for future discussion and negotiation between the company and the vendors to build business integration in order to diversify SMTrack’s revenue streams.
“Gan Wen Ting @ Gan Moou Heang and Susan Wong Yun Tsu are the current directors of V Ultimate, and Gan Wen Ting @ Gan Moou Heang is the sole shareholder of V Ultimate. V Ultimate is now conducting an allotment of 13,214,887 RM1.00 ordinary shares “In a filing with Bursa Malaysia today, it stated.
The implementation of the HoA is not expected to have a meaningful impact on SMTrack’s earnings, net assets, or gearing for the current financial year ending July 31, 2021, according to the company.
Nonetheless, if the proposed acquisition is finalized and completed properly, SMTrack expects a favorable contribution to its profitability in the future.
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