Free Ocean Games Pte. Ltd. agreed to acquire a 61.68% stake in CIB Development Sdn. Bhd.

from Asphere Innovations Public Company Limited (SET:AS) for MYR 12.3 million on September 14, 2023. The cash consideration is divided into 2 installments (the payment of first installment upon completing the relevant documents and migrating the application system and the last installment when completing the transfer of shares). Upon completion, CIB Development will cease to be a subsidiary of Asphere Innovations Public Company.

The net asset of CIB Development was MYR 6.62 million, as of 30 June 2023. The transaction has been approved by the Board of Directors and the Audit Committee of Asphere Innovations Public Company. The transaction is expected to complete within the third quarter of 2023.

The proceeds from disposition will be used for the working capital of Asphere Innovations Public Company.