Bonia Corporation Bhd has entered into a letter of intent (LOI) with IT SEA Holdings Sdn Bhd to explore the potential subscription of 30% of the latter's enlarged issued shares.
The LOI, signed today, outlines Bonia's interest in subscribing to 6,193,000 new ordinary shares for a total consideration of RM7.5 million.
The proposed subscription aims to diversify Bonia's product offerings in the fashion retail industry by incorporating renowned brands like "A Bathing Ape" and "Aape".
The LOI outlines the commercial understanding between the parties until definitive agreements are finalised.
The proposed subscription is deemed to be in the best interest of Bonia and its shareholders, with no material impact on its financials expected for the fiscal year ending June 30, 2024.