KUALA LUMPUR (Dec 18): Mah Sing Group Bhd is acquiring privately-held VIP Sanctuary Sdn Bhd — which holds beneficial interest in the award-winning film entitled The Kid from the Big Apple — for RM60,000 cash, as part of efforts to raise funds for the property developer's foundation.

In a filing with Bursa Malaysia today, Mah Sing said its wholly-owned subsidiary Mont Meridian Development Sdn Bhd has signed a conditional sale and purchase agreement (SPA) with several parties for the proposed acquisition.

Under the deal, Mah Sing will pay RM10,000 upon signing today's SPA, while the remaining RM50,000 will be paid upon completion of the SPA.

"The proposed acquisition is conditional upon the full settlement of all outstanding obligations, liabilities and/or loans owing by VIP, and VIP and the sale shares being free from all encumbrances," said Mah Sing.

"The conditions precedent must be satisfied within 36 months from the date of the SPA. Within one month after the fulfilment and/or the performance of all the conditions precedent, Mont Meridian shall have the option to decide whether to proceed with the completion of the proposed acquisition or to rescind the SPA," said Mah Sing.

It added that at any time prior to the completion of the SPA, Mont Meridian is entitled to conduct a due diligence exercise on VIP.

In a separate statement today, Mah Sing group managing director Tan Sri Leong Hoy Kum said VIP's profits will be donated to the group's corporate social responsibility platform, Mah Sing Foundation.

The Kid from the Big Apple movie is produced by Three Production Sdn Bhd, which will hit the big screen in Malaysia on March 10, 2016.

The movie is based on Jess Teong's screenplay about a 12-year-old born and bred New Yorker Sarah who was sent to live in Malaysia when her mother had to relocate to China on a work assignment.

"Initially, Sarah hid her insecurities under a cloak of bravado, but the movie evolved into a heart-warming tale of love, learning and acceptance about their culture and traditions. Teong also did double duty as the director, while Vivian Hsu and Peter Poon were the executive producers," said Mah Sing.

"This movie is an innovative way for us to raise more funds for Mah Sing Foundation, and support a collaborative work between international stars and local talents as well. We are confident in the movie, which is already the official finalist of the 2013 New York Screenplay Contest and the 2014 Hollywood Screenplay Contest," said Leong.

The movie recently swept four awards at the Seventh Macau International Movie Festival (Golden Lotus Award).

The Mah Sing Foundation provides medical assistance for Malaysians who are suffering from disease and disability or are critically ill, financial assistance and relief schemes for the poor, education assistance to students, and social and sporting encouragement to enrich the community and promote national unity.

As at 3.14pm, Mah Sing shares rose three sen or 2.19% to trade at RM1.40, with 388,900 shares done, for a market capitalisation of RM3.3 billion.

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