EcoFirst Consolidated Bhd (KLSE:ECOFIRS) entered into a conditional share sale agreement to acquire remaining 49% stake in BCM Holdings Sdn Bhd from Tan You Tiong for MYR 78.4 million on September 23, 2022. Consideration comprising BCM 980,000 ordinary shares and 1,960,000 redeemable convertible preference shares of the proforma issued share capital of the Company upon completion of the Proposed BCM Selective Capital Reduction for a cash consideration of MYR 78.4 million. The Purchase Consideration of MYR 78.4 million is proposed to be fully funded via a combination of internally generated funds and/or bank borrowings. Upon completion of the Proposed BCM Acquisition, BCM will become a wholly-owned subsidiary of EcoFirst. The Proposed BCM Acquisition is subject and conditional upon the following approvals being obtained (i) shareholders of EcoFirst for the Proposed BCM Acquisition at an extraordinary general meeting (?EGM?) to be convened; (ii) the approval of the High Court of Malaysia for the Proposed BCM Selective Capital Reduction, if required; and (iii) any other relevant authorities, if required. Completion shall be within 30 days after the date all the conditions precedent are fulfilled, satisfied or waived. Acquisition is expected to be completed in the 1st quarter of 2023. Malacca Securities Sdn Bhd acted as financial advisor to EcoFirst Consolidated Bhd. As of November 4, 2022, EcoFirst and Mr Tan had entered into a supplemental letter in the event the BCM Selective Capital Reduction (being a condition precedent to the SSA) is unable to be fulfilled, the parties will waive the condition precedent for the BCM Selective Capital Reduction. The Sale Securities comprising 980,000 BCM Shares and 1,960,000 RCPS shall therefore be amended to comprise of 2,940,000 BCM Shares and 1,960,000 RCPS, as to represent the entire 49% equity interest in BCM. For avoidance of doubt, the Purchase Consideration shall remain the same notwithstanding of the increase in number of Sale Securities. As on March 21, 2023, EcoFirst Consolidated Bhd and Mr Tan mutually agreed to extend the cut-off date for a further 6 months, from March 23, 2023 to September 22, 2023. As on June 13, 2023, the conditions precedent set out in the agreement have been fulfilled and the agreement has become unconditional. As on August 11, 2023, the completion date has been extended further for one month from August 13, 2023 to September 12, 2023. As on September 13, 2023, the completion date has been extended further for one month from September 13, 2023 to October 12, 2023. As of October 10, 2023, the completion date has been extended further for two (2) months from October 13, 2023 to December 12, 2023.

EcoFirst Consolidated Bhd (KLSE:ECOFIRS) completed the acquisition of remaining 49% stake in BCM Holdings Sdn Bhd from Tan You Tiong on November 8, 2023.