Low Chin Guan agreed to acquire Lucenxia (M) Sdn. Bhd from Adventa Berhad (KLSE:ADVENTA) for MYR 11 million on February 5, 2021. The consideration is to be paid in full by Low in cash on a date within 30 days from the date on which all conditions are satisfied. Luxcenxia reported a revenue of MYR 49.5 million. Post completion Adventa and its subsidiaries shall be forbidden to use the name "Luxcenxia" and other brands currently used by Lucenxia. The transaction is subject to approval of shareholders of Adventa at an EGM to be convened and approval of other relevant parties within a period of 90 days from the date of share sale agreement. As of May 3, 2021, all the conditions precedent to the transaction have been fulfilled. If any of the condition is not fulfilled or waived within a period of 90 days the SSA may be terminated or delayed. The proposed acquisition is expected to be completed in the second quarter of 2021. Low Chin Guan completed the acquisition of Lucenxia (M) Sdn. Bhd from Adventa Berhad (KLSE:ADVENTA) on May 3, 2021. As of July 5, 2021, the Board of Adventa Berhad wishes to announce that it has deliberated and resolved to vary the utilization of proceeds arising from the Lucenxia Disposal. MYR 8.4 million of the proceeds will be used for working capital, MYR 2 million will be used for business expansion and MYR 0.6 million will be used for estimated expenses. In relation thereto, the Board has resolved to re-allocate the business expansion proceeds for additional working capital purposes to support the Group’s healthcare business operation.