Malaysian internet and direct marketing retailer Vitaxel Group Ltd and its wholly owned subsidiary Vitaxel Sdn. Bhd. on Dec. 15 entered into a share sale agreement with Grande Legacy Inc. shareholders Lim Hui Sing and Leong Yee Ming to acquire all Grand Legacy shares for an aggregate sum of $30 million, according to a Dec. 18 SEC filing.
Under the deal, Lim and Vitaxel CEO and Director Leong will sell all their shares in Grande Legacy in exchange for 37.5 million shares each of Vitaxel Group's common stock at 40 cents apiece.
The combined 75 million shares to be issued to the vendors account for about 58.1% of Vitaxel Group's issued and outstanding share capital and will rank pari passu with all other existing shares of the company.
The transaction is expected to be completed within six months.