Aspial Lifestyle (SGX:5UF) through its subsidiary, Maxi Cash (Malaysia), agreed to acquire all shares in Malaysian firms, Ion World, Kedai Emas Ion, and Focus Resources, for 152 million ringgit, according to a Tuesday filing with the Singapore Exchange.

Shares of the jewelry and retail company were down over 1% in Wednesday trading.

Ion World and Kedai Emas are in the business of pawnbroking and retailing of jewelry and branded merchandise, while Focus owns a property used for the target group's business.

The acquisition is part of the company's strategy to expand its interests in Malaysia's pawnbroking sector.

The completion of the acquisition is subject to due diligence, inventory verification and regulatory approvals.