Sin Heng Chan (Malaya) Berhad (KLSE:SHCHAN) entered into a conditional agreement to acquire Tunas Cool Energy Bhd from Tunas Selatan Consortium Sdn Bhd and others for MYR 7.5 million on January 26, 2017. In a related transaction Sin Heng Chan (Malaya) Berhad agreed to acquire 25% stake in KJ Technical Services Sdn Bhd for MYR 7.8 million. Under the terms of transaction Sin Heng Chan (Malaya) Berhad will pay MYR 5.5 million at the time of completion and will pay MYR 2 million within 12 months from completion of transaction. The transaction will be funded by internally generated funds of Sin Heng Chan (Malaya) Berhad. The transaction is subject to approval from shareholders of Sin Heng Chan (Malaya) Berhad, having obtained the agreement of Maybank Islamic on the terms which are acceptable to Sin Heng Chan (Malaya) Berhad for the release of all the existing securities provided by sellers and having issued a written notice to the vendors that it is satisfied with the findings of due diligence conducted on Tunas Cool Energy Bhd and the vendors having obtained the written consent of Maybank Islamic on terms which are acceptable to for the proposed change in shareholding of Tunas Cool Energy Bhd and other customary conditions. As announced on April 26, 2017, the last day for the satisfaction or waiver of all the conditions precedents in agreement has been extended from April 26, 2017 to June 10, 2017. On May 30, 2017, Sin Heng Chan (Malaya) Berhad issued written notices that it is satisfied with the findings of due diligence conducted. The transaction is expected to be completed ten business days after the last condition precedent is met or validly waived, or such other date mutually agreed in writing. As of June 8, 2017, shareholders of Sin Heng Chan (Malaya) Berhad has approved the transaction. As of June 13, 2017, Sin Heng Chan (Malaya) and Tunas Selatan Construction agreed to extend the deadline to satisfy or waive the conditions precedent in the agreement from June 10, 2017 to June 30, 2017. As of June 29, 2017, Sin Heng Chan (Malaya) and Tunas Selatan Construction agreed to extend the deadline to satisfy or waive the conditions precedent in the agreement from June 30, 2017 to August 31, 2017. As of August 18, 2017, all conditions for transaction is fulfilled and transaction has become unconditional and transaction is now expected to close on August 18, 2017. Sierac Corporate Advisers Sdn Bhd and CIMB Investment Bank Berhad acted as a financial advisor for Sin Heng Chan (Malaya) Berhad.