Summit Networks Inc. (OTCPK:SNTW) entered into an agreement to acquire St Mega Enterprise Inc. for $2.6 million on April 8, 2024. Under the terms of the agreement shareholders of Mega will receive 20 million shares of the common stock of Summit Networks totaling in $2.6 million. Upon completion Mega will become wholly-owned subsidiary of Summit Networks and Mr Stephen Kok Koon Tan, the actual controller of Mega will become a shareholder of Summit Networks.

Mr Stephen Kok Koon Tan will also become the Chief Executive Office of Summit Networks and will receive one seat on the board of directors and be responsible for the senior management of the business operations of Summit Networks. The transaction has been approved by the board of directors of Summit Networks. In addition, the final closing will also be subject to completion following all necessary due diligence issues and regulatory approvals.