MMAG Holdings Berhad (KLSE:MMAG) entered into a Shares Sale Agreement to acquire additional 5.34% stake in Line Clear Express and Logistics Sdn Bhd from CSH Alliance Berhad (KLSE:CSH) for MYR 8.25 million on October 4, 2023. The purchase consideration is expected to be funded via MMAG Group?s internally generated funds and/or the proceeds received from the divestment of MMAG Group?s investment in quoted securities. Line Clear Express generated revenues of MYR 82.5 million, loss after tax of MYR 42.7 million and net liabilities of MYR 75.4 million for the period ending March 31, 2023. In the event of termination, both parties shall pay 10% of the consideration as liquidated damages. The transaction is expected to complete in fourth quarter of 2023. Proceeds from the sale will be used for working capital and to fund for any future business expansions.

MMAG Holdings Berhad (KLSE:MMAG) completed the acquisition of additional 5.34% stake in Line Clear Express and Logistics Sdn Bhd from CSH Alliance Berhad (KLSE:CSH) on October 5, 2023.