Formosa Prosonic Industries Berhad (KLSE:FPI) entered into an agreement to acquire Formosa Prosonic Technics Sdn. Bhd. from Acoustech Berhad (KLSE:ACOSTEC) for MYR 10.6 million on December 7, 2017. As per terms of the consideration, MYR 1.06 million shall be paid upon execution of agreement and remaining MYR 9.54 million shall be paid upon the fulfillment of the conditions precedent to agreement only on or before 90 days from the completion date. The purchase consideration for the acquisition will be fully satisfied by internally generated funds. Upon completion of the acquisition, Formosa Prosonic Technics Sdn. Bhd. will become a wholly owned subsidiary of Formosa Prosonic Industries Berhad.

For the year ended December 31, 2016, Formosa Prosonic Technics Sdn. Bhd. reported total revenue of MYR 54.17 million, loss before tax of MYR 2.47 million, loss after tax of MYR 1.87 million and net assets of MYR 38.77 million. The transaction is subject to conduct of commercial, legal and financial due diligence on Formosa Prosonic Technics Sdn. Bhd., approval of board of directors of all parties, approval of other relevant authority or person. The transaction is expected to be completed by first quarter of 2018.

As of January 2, 2018, all the terms of the agreement have been fully satisfied. Formosa Prosonic Industries Berhad completed the acquisition of Formosa Prosonic Technics Sdn. Bhd. from Acoustech Berhad on January 2, 2018. Post-acquisition Formosa Prosonic Technics Sdn. Bhd. and its subsidiaries became the wholly-owned subsidiaries of Formosa Prosonic Industries Berhad.