Mikro MSC announced that it had entered into a heads of agreement with Calida Group Pte. Ltd. for the proposed acquisition of 100,000 ordinary shares in TES Productions & Projects Pte. Ltd. representing 100% of the issued share capital of TES for an indicative purchase consideration of RM30 million.

The purchase will be satisfied via the issuance of 134,831,460 new ordinary shares in Mikro at an issue price of RM0.2225 per Consideration Share, subject to the terms and conditions of a definitive share sale agreement to be entered into between the same parties.

The acquiition will prompt Mikro to diversify its existing businesses to include the business of design, manufacture and installation of signs and advertising displays, as well as provision of interior fit-out services. Barring any unforeseen circumstances, upon completion of the Proposed Acquisition, TES will become a wholly-owned subsidiary of Mikro, which it said is reasonably expected to contribute more than 25% of the net profits of the Mikro and its subsidiaries and may result
in a diversion of more than 25% of the net assets of the Group to an operation which differs widely from its current operations.The Proposed Acquisition and Proposed Diversification are collectively referred to as the "Proposals".