Digital Miracles Sdn. Bhd. and Million Saint Consultancy Sdn Bhd agreed to acquire 51.39% stake in Zoomic Technology (M) Sdn Bhd from Iqzan Holding Berhad (KLSE:IQZAN) for MYR 3.6 million on August 8, 2023.

There would be no proceeds raised from the transaction as the disposal was to facilitate the settlement of amount. The Disposal is not subject to the approval of the shareholders of IQZAN and/or any other relevant authorities and is not conditional upon any other corporate proposal. As of February 22, 2024, IQZAN was granted with an option to buy back the sale shares from Digital Miracles and Million Saint.

IQZAN and the Buyers have agreed that upon execution of Digital Miracles and Million Saint transaction, IQZAN shall transfer the agreed shares to Digital Miracles and Million Saint within 14 days. Subsequently on August 15, 2023, IQZAN has transferred the sale shares to Digital Miracles and Million Saint. For clarity purpose, the sale shares shall be re-transfer back upon IQZAN?s exercise of its option to buy back.

Iqzan did not exercise the option to buy back during the Initial Buyback Period and the Digital Miracles and Million Saint are pending completion. On January 16, 2024, buyback period has been extended to August 2, 2024 and August 5, 2024.