Treasure Global Inc. (TGL) has entered into a definitive agreement to acquire 100% of the issued share capital of Platinum Recognition Sdn. Bhd. (PRSB). The transaction, valued at RM2,400,000 (approximately $517,000 USD), was executed on October 16, 2026, and is structured as a single composite purchase of all 400,000 ordinary shares of PRSB.
The buyer is Tadaa Capital Sdn. Bhd., while the sellers are four individuals: Chin Soo Mau, Heng Boon Ping, Seow Kok Leong, and Ting Liang Liang. PRSB is a Malaysian company that operates a budget hotel business and the tourist accommodation premises known as "De Elements Business Hotel Kuala Lumpur." The transaction is subject to the execution of an Escrow Agreement and the absence of a Material Adverse Change in PRSB as of the agreement date.
The purchase price is payable in two components. The Purchaser has already paid an earnest deposit of RM72,000 (3% of the total value) and an additional RM168,000 (7%) to the vendors' solicitors, bringing the total deposit to RM240,000 (10%). The remaining balance of RM2,160,000 (90%) is to be paid through an Escrow Realisation Payment Scheme.
Under this scheme, the Purchaser is required to cause the Escrow Agent to issue common stocks of TGL as payment. These "Escrow Shares" will be subject to a six-month trading restriction. After this period, the shares will be disposed of, and the proceeds will be applied toward the remaining balance of the purchase price. The Purchaser remains liable to pay any shortfall in the balance purchase consideration, with late payment subject to an 8% per annum interest rate.
The agreement includes standard representations, warranties, and indemnities regarding the ownership of the shares, the financial condition of PRSB, and compliance with applicable laws. The Vendors are also subject to non-competition restrictions for five years following the completion of the transaction in the Federal Territory of Kuala Lumpur and the State of Selangor. The agreement is governed by the laws of Malaysia.
