SMTrack has entered into a Heads of Agreement to acquire the balance 70% equity in V Ultimate Sdn. Bhd. for a consideration of RM55 million, after already taking up 30% previously.
Upon completion of the Proposed Acquisition, V Ultimate will be a wholly-owned subsidiary of SMTrack.
V Ultimate is a private limited company with principal activities of holding companies and other management consultancy activities. Upon completion of the Proposed Acquisition, SMTrack said V Ultimate will embark on the licensing of the beauty and wellness program to empower the native women especially single mothers to drive and expand the business.
The group said the proposed acquisition is in line with its business to venture into management consultancy services.