KUALA LUMPUR, July 10 (Bernama) -- Media Prima Bhd’s indirect unit, Rev Asia Holdings Sdn Bhd has entered into a conditional share sale purchase agreement (SSPA) with Jaffa Sany Mohd Ariffin on the proposed acquisition of a 52 per cent stake in The Vocket Sdn Bhd.
On April 24, 2019, the parties ended the first round of negotiations after both parties agreed to terminate the share sale purchase agreement (SSPA) signed on June 12, 2018 due to certain legality issues pertaining to the filing of certain corporate secretarial documents.
However, in a filing with Bursa Malaysia today, the group said Rev Asia - a unit of Media Prima Digital Sdn Bhd - has inked the SSPA to acquire 520,000 ordinary shares in The Vocket for RM2.6 million.
Both parties also signed a shareholders’ agreement to regulate their respective equity participation, rights and obligations as shareholders, as well as the conduct of The Vocket’s business and affairs.
Media Prima reiterated that the proposed acquisition will expand its digital business as The Vocket owns a fast-growing social-millennial Malay digital news site.
“The proposed acquisition is expected to facilitate the continued growth of the group, moving forward,” it said.