IFCA MSC Berhad completed the acqusiition of PT IFCA Consulting Indonesia from DP Capital Limited and Musa Dirgantara.
The transaction is subject to completion of a due diligence exercise, execution of advisory service and employment agreement, approval of shareholders of IFCA MSC Berhad and PT IFCA Consulting and approval of the regulatory authorities, the distributorship agreement entered into between IFCA International Limited and PT IFCA Consulting Indonesia dated May 27, 2005 is duly terminated. As of October 7, 2015, Malaysia stock exchange approved the consideration shares to be traded. The extra ordinary general meeting of the shareholders is scheduled for October 30, 2015. The transaction is expected to complete in early December, 2015. As on December 29, 2015, the conditions precedent under the transaction have been fulfilled and that the acquisition has become unconditional. RHB Investment Bank acted as financial advisor and Wong Wing Seong, Lee Joo Shang and Jowis Ng Siew Hui of BDO Capital Consultants Sdn Bhd acted as fairness opinion providers for IFSC MSC.
IFCA MSC Berhad (KLSE:IFCAMSC) completed the acqusiition of PT IFCA Consulting Indonesia from DP Capital Limited and Musa Dirgantara on January 6, 2016.