Elsoft Research Berhad (KLSE:ELSOFT) entered into a conditional share sale agreement to acquire Xyrius Solutions Sdn Bhd from Tan Hui Ien @ Tan Kui Yen and Ang Aik Beng for MYR 9.9 million on March 8, 2023. In this transaction, Ang Aik Beng will sell 50% stake and Tan Hui Ien @ Tan Kui Yen will sell 50% stake in Xyrius. Upon completion of the acquisition, Xyrius will become a wholly owned subsidiary of Elsoft. Elsoft Research will acquire 0.03 million ordinary shares in Xyrius Solutions and will pay cash of MYR 0.5 million and issue 16 million new ordinary shares in Elsoft. The Cash Consideration will be funded from internally generated funds of Elsoft and its subsidiaries (“Elsoft Group” or “Group”). Xyrius Solutions has reported revenues of MYR 2.396661 million, total assets of MYR 2.879087 million, net income of MYR 1.059163 million and MYR 2.571931 million for financial year ended May 31, 2022. The acquisition is subject to approvals being obtained: Bursa Securities, for the listing of and quotation for the Consideration Shares to be issued on the Main Market of Bursa Securities pursuant to the acquisition, the shareholders of Elsoft at an extraordinary general meeting to be convened, and any other relevant authorities and/or parties, if required. The Conditions Precedent to complete the acquisition are the approval of the shareholders of Elsoft being obtained for the acquisition of 100% equity interest of Xyrius from the Vendors, Elsoft being satisfied with the results of any due diligence and/ or other investigations and inquiries carried out by Elsoft and/ or its solicitors, accountants and/ or other agents or professional advisers in relation to Xyrius, where applicable and government, public or regulatory authorities, parties or bankers of Xyrius whose approvals are considered necessary or expedient by the Purchaser in relation to the sale and purchase of the Xyrius Shares have been obtained on terms and conditions (if any) acceptable to both parties. As of March 20, 223, the listing application in relation to the Proposed Acquisition has been submitted to Bursa Securities. As of March 30, 2023, Bursa Securities resolved to approve the listing of and quotation for up to 16 million Consideration Shares to be issued subject to the conditions precedent. The transaction is expected to close in third quarter of 2023. Affin Hwang Investment Bank Berhad acted as financial advisor to Elsoft Research Berhad (KLSE:ELSOFT).

Elsoft Research Berhad (KLSE:ELSOFT) completed the acquisition of Xyrius Solutions Sdn Bhd from Tan Hui Ien @ Tan Kui Yen and Ang Aik Beng on June 1, 2023. 16 million shares as part of consideration Shares have been issued.