Hao Bai International (Cayman) Limited (SEHK:8431) entered into the Sale and Purchase Agreement to acquire 90% stake in Powerful Leader Mining Sdn. Bhd from Tsoi Wai for MYR 6.2 million (HKD 11 million) on June 6, 2022. The consideration shall be satisfied by MYR 0.28 million (HKD 0.5 million) in cash as deposit to the Vendor within 14 days upon signing of the Sale and Purchase Agreement; and MYR 5.9 million (HKD10.5 million) by way of issuing the Promissory Note by the Company to the Vendor within 21 days upon the completion. Powerful Leader Mining is 90% owned by Tsoi Wai. Upon Completion, Powerful Leader Mining will become a non-wholly owned subsidiary of Hao Bai International (Cayman) Limited. The financial results of Powerful Leader will be consolidated into the financial statements of Hao Bai International (Cayman) Limited. For year ended December 31, 2021, Powerful Leader Mining reported Net loss after taxation of MYR 0.02 million and net liabilities of MYR 0.2 million. The transaction is subject to due diligence, all the necessary approvals, consents and permits from the Malaysia government or other applicable authorities.