SCH Group Berhad (KLSE:SCH) signed a sale and purchase agreement to acquire SCH Corporation Sdn Bhd from Lau Mong Ling, Wong Sin Chin and Yeen Yoon Hin for MYR 23.6 million on January 3, 2013. SCH Group will acquire 7.88 million shares of SCH Corporation Sdn Bhd. The consideration will be wholly satisfied by the issuance of 235.6 million new shares of SCH Group at an issue price of MYR 0.1 per share.

Following the completion of the deal, SCH Corporation will become a wholly-owned subsidiary of SCH Group Berhad. SCH Corporation had net assets of MYR 23.56 million as at August 31, 2012.