Fortune Greenbest Sdn. Bhd. entered into an agreement to acquire Signature Aluminium Sdn Bhd and Signature Façade Treatment Sdn.

Bhd. from Signature International Berhad (KLSE:SIGN) for RM 17.5 million on June 19, 2023. Under the terms of agreement, Fortune Greenbest will pay RM 17,531,763.38 for total consideration.

According to the agreement, Fortune Greenbest will acquire 1,000,000 ordinary shares representing the entire equity interest in Signature Aluminium for RM 17,531,762.38 and 382,500 ordinary shares representing 51% of the equity interest in Signature Façade Treatment for a cash consideration of RM 1. Signature Aluminium and Signature Façade collectively reported revenue of RM 140.407 million, profit after tax as RM 2.596 million and net assets of RM 12.628 million FY 2022. If the defaulting party fails to remedy the relevant default or breach, the non-defaulting party may elect to terminate the SSA, upon which all monies paid under the SSA shall be refunded to the Purchaser free from interest and thereafter the Signature International Berhad shall have the right to resell the Sale Shares to such person as the Signature International Berhad may think fit. The transaction is expected to be completed by the third quarter of 2023.