Treasure Global Inc has made a strategic move by entering into a Shares Sale Agreement to acquire a budget hotel business in Malaysia. This acquisition, valued at RM2.4 million, is a significant step for the company as it seeks to diversify its operations within the business services industry.
The agreement, finalized on October 16, 2026, involves the purchase of all issued and paid-up share capital of Platinum Recognition Sdn. Bhd. (PRSB), which operates the De Elements Business Hotel in Kuala Lumpur. The deal is structured as a composite transaction, with multiple vendors collectively owning the shares.
According to the filing, each vendor holds 100,000 ordinary shares, collectively representing 100% of PRSB's capital and voting rights. The purchase price is set at RM2,400,000, with the vendors entitled to 25% of the amount each.
The payment for the acquisition will occur in two parts. An initial deposit of RM240,000 has already been paid, which constitutes 10% of the total purchase price. The remaining RM2,160,000 will be settled through an Escrow Realisation Payment Scheme, where shares of Treasure Global Inc will be allotted to the vendor as part of the payment.
This acquisition is expected to enhance Treasure Global's presence in the hospitality sector, which could lead to new revenue streams. It also reflects the company's strategy to expand its business services offerings, particularly in tourism and accommodation.
As part of the agreement, several conditions must be met before the transaction is finalized, including the execution of an Escrow Agreement and confirmation from the vendors that no adverse changes have occurred in PRSB.
The filing did not specify what the next steps will be following this acquisition, leaving some uncertainty regarding the timeline for completion.