Vividthree Holdings has announced that it has entered into a definitive conditional sale and purchase agreement (SPA) with Elliot Communications (Elliot & Co.). Vividthree Holdings, together with its subsidiaries (the Group), will invest MYR2.5 million approximately in cash for new and vendor shares, thereby acquiring a 30 per cent stake in Elliot & Co. The SPA is expected to be completed by 30^th April 2023.

The SPA also details a Call Option agreement with Elliot & Co., allowing the Group to acquire a further 21 per cent stake for at least MYR6.5 million should Elliot & Co. achieve a net profit of not less than MYR2.9 million between FY2023 and FY2025. Upon exercising the Call Option, Vividthree Holdings will have an interest in 51 per cent of Elliot & Co.’s issued and paid-up share capital.

Founded by Jeremy Foo in 2016, Elliot & Co. has grown to establish offices in Singapore, Malaysia, and Indonesia.