Formis Resources Berhad (FRB) received shareholders’ approval for its reverse takeover (RTO) of leading SAP solutions provider, ISS Consulting Solutions Bhd (ISS). The RTO of ISS is via the injection of FRB’s subsidiary Diversified Gateway Berhad (DGB) into ISS.

The RTO is part of a corporate exercise approved by shareholders at the Company’s extraordinary general meeting on 17 March 2010. The proposed corporate exercise has received all the relevant approvals, except for Securities Commission’s approval for the Proposed Dividend-In-Specie and the Mandatory General Offer. After the distribution in-specie, FRB will hold 59.3% of ISS.The distribution of the Proposed Dividend-In-Specie will be implemented upon receipt of the approval from the relevant authorities and in compliance of all the conditions stated.