Treasure Global Signs MOU for US$38 Million Acquisition of 51% Controlling Stake in Smart Water Metering Company

Rhea-AI Summary

Treasure Global (TGL) signed a non-binding memorandum of understanding with Mestiz Holding Berhad for a proposed 51% acquisition of Mestiz Century Logic.

The proposed cash purchase is valued at US$38 million. Mestiz Holding Berhad granted Treasure Global 120 days of exclusivity to conduct due diligence on the Malaysian smart water metering company and negotiate a definitive agreement. Completion requires a signed definitive agreement, satisfactory due diligence, and regulatory and board approvals.

Mestiz Century Logic offers cloud-based smart meters designed to deliver up to four times the accuracy of conventional mechanical meters. Its platform uses connected-device technology and AI for remote readings, real-time consumption monitoring, leak detection and predictive maintenance. If completed, the acquisition would take Treasure Global into smart utility infrastructure beyond digital payments and enterprise AI.

Positive

• The proposed 51% controlling stake would take Treasure Global into smart utility infrastructure if acquired.
• 120-day exclusivity gives Treasure Global time to conduct due diligence and negotiate definitive terms.
• Mestiz Century Logic's meters are designed for up to four times the accuracy of conventional mechanical meters.
• Mestiz Century Logic's platform supports remote readings, consumption monitoring, leak detection and predictive maintenance.

Negative

• The proposed acquisition carries a US$38 million cash purchase price.
• The non-binding memorandum leaves the proposed acquisition without a definitive agreement.
• Completion requires satisfactory due diligence and regulatory and board approvals.

Argus Sep 28 session 48 alerts

-30.05% close to close 2.9x rel. volume Open Argus

Details

Market move: TGL -30.05% in the Sep 28 session. 51% smart-metering acquisition

+8.0% Peak Tracked

-37.5% Trough Tracked

$4.73M Mkt Cap at Peak Alert

On Sep 28, the day this news came out, TGL closed 30.05% below the previous close. Argus tracked a peak move of +8.0% during that session. Argus tracked a trough of -37.5% from its starting point during tracking. Our momentum scanner recorded 48 alerts for this stock that day. That session’s volume was 2.9x the stock’s average daily volume.

Data tracked by StockTitan Argus for the Sep 28 session.

Key Figures

Proposed cash acquisition price: US$38 million Controlling interest: 51% Exclusivity period: 120 days +1 more

Proposed cash acquisition price

US$38 million

Non-binding MOU for the proposed acquisition

Controlling interest

51%

Proposed stake in Mestiz Century Logic

Exclusivity period

120 days

Due diligence and negotiation of definitive agreement terms

Meter accuracy

Up to four times

Compared with conventional mechanical meters; described as a design capability

Key Terms

memorandum of understanding, internet of things, predictive maintenance, compound annual growth rate

4 terms

memorandum of understanding regulatory

"signed a non-binding memorandum of understanding (“MOU”)"

A memorandum of understanding (MOU) is a formal agreement between two or more parties that outlines their shared intentions and plans to work together. It acts like a handshake in writing, clarifying each side’s roles and expectations before any official contract is signed. For investors, an MOU signals that parties are serious about collaboration, which can influence future business opportunities and potential growth.

internet of things technical

"cloud computing and Internet of Things (“IoT”) technology"

A network of everyday objects—like appliances, machines, vehicles, and sensors—connected to the internet so they can send and receive information and act automatically, like a thermostat that learns your schedule or a factory machine that reports wear. Investors care because these connected devices create new revenue streams, recurring service and data opportunities, and efficiency gains, while also concentrating risks such as security vulnerabilities and ongoing maintenance costs.

predictive maintenance technical

"leak detection and predictive maintenance"

Predictive maintenance involves using data and technology to monitor equipment or machinery in real time, identifying potential problems before they cause failures or breakdowns. By predicting when maintenance is needed, it helps prevent costly repairs and downtime. For investors, it highlights how companies can reduce expenses, improve efficiency, and maintain reliable operations, which can positively impact financial performance.

compound annual growth rate financial

"representing a compound annual growth rate of approximately 11.85%"

The compound annual growth rate (CAGR) shows how much an investment or value has grown, on average, each year over a specific period. It considers the effect of growth that compounds or builds upon itself, similar to how interest accumulates in a savings account. Investors use CAGR to compare different investments’ long-term performance and to understand how steady or consistent their growth has been over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Proposed Cash Acquisition Expands Treasure Global into AI-Enabled Smart Utility Infrastructure

KUALA LUMPUR, Malaysia, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Treasure Global Inc. (NASDAQ: TGL) (“Treasure Global” or the “Company”), a Southeast Asia–anchored technology company focused on AI-powered enterprise solutions and digital transformation, today announced that it has signed a non-binding memorandum of understanding (“MOU”) with Mestiz Holding Berhad (“MHB”) for the proposed US$38 million cash acquisition of a 51% controlling interest in Mestiz Century Logic Sdn Bhd (“MCL”), a Malaysia-based provider of cloud-based smart water metering technology and digital water management solutions.

Under the MOU, MHB has granted Treasure Global a 120-day exclusivity period to conduct due diligence on MCL and negotiate the terms of a definitive agreement. Completion of the proposed acquisition remains subject to the execution of a definitive agreement and customary closing conditions, including satisfactory completion of due diligence and receipt of required regulatory and board approvals.

MCL specializes in smart water metering solutions powered by cloud computing and Internet of Things (“IoT”) technology. Its smart meters are designed to deliver up to four times the accuracy of conventional mechanical meters, while providing enhanced durability and digital connectivity.

MCL’s smart metering platform further integrates artificial intelligence to support real-time consumption monitoring, remote meter reading, leak detection and predictive maintenance, enabling utilities to improve operational visibility and transition toward more intelligent, data-driven water management.

“Smart water metering represents a significant diversification opportunity for Treasure Global,” said Sam Teo, Acting Chief Executive Officer of Treasure Global. “MCL’s cloud-based, IoT and AI-enabled technology addresses a growing need among utilities to modernize aging water infrastructure, improve billing accuracy and reduce water loss. We believe intelligent metering, real-time data and predictive analytics can create meaningful operational value while supporting more efficient and data-driven water management.”

The proposed acquisition comes amid continued global growth in smart water infrastructure. According to Fortune Business Insights, the global smart water meter market is estimated at approximately US$6.02 billion in 2026 and is projected to reach approximately US$14.74 billion by 2034, representing a compound annual growth rate of approximately 11.85% over the forecast period.

If completed, the proposed acquisition would mark Treasure Global’s entry into the smart utility infrastructure sector, expanding the Company’s technology portfolio beyond digital payments and enterprise AI. The transaction would provide Treasure Global with exposure to a growing smart-metering market while supporting its strategy of building diversified, technology-driven revenue streams and long-term shareholder value.

About Treasure Global:
Treasure Global is a Malaysia-based technology solutions provider specializing in innovative platforms that drive digital transformation in retail and services. The Company’s flagship product is the ZCITY Super App, which integrates e-payment solutions with customer loyalty rewards to create a seamless online-to-offline user experience. As of March 31, 2026, ZCITY has attracted 2.71 million registered users, positioning Treasure Global as a key player in Malaysia’s digital economy. Treasure Global continuously leverages cutting-edge technologies, including artificial intelligence and data analytics, to enhance its platform’s capabilities across e-commerce, fintech, and other verticals.

Visit treasureglobal.org for more information.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect the Company’s current expectations, assumptions, and projections about future events and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements typically include terminology such as “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” or similar expressions.

Factors that could cause actual results to differ materially include, without limitation, the parties’ ability to negotiate and execute a definitive agreement; satisfactory completion of due diligence; completion of the proposed acquisition; the Company’s ability to integrate MCL and realize anticipated strategic benefits; adoption and performance of MCL’s smart water metering technology; customer and utility demand; regulatory and procurement requirements; technology performance; cybersecurity and data privacy risks; competition; and changes in economic, infrastructure and market conditions.

The forward-looking statements in this press release speak only as of the date hereof. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

CONTACT
Investor and media contact:
Investor Relations Team
Treasure Global
ir_us@treasureglobal.org

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much would Treasure Global pay for Mestiz Century Logic?

Treasure Global proposes to pay US$38 million in cash for a 51% controlling interest in Mestiz Century Logic. The memorandum of understanding is non-binding, and the acquisition has not been completed.