MSM International (SGX: 51O) completed the acquisition of a 30% stake in X Miles for 1 million ringgit, according to a Tuesday filing with the Singapore Exchange.

Around 42,858 shares in X Miles were allotted to the company's subsidiary, GCC Capital.

The first tranche of fixed payment amounting to 250,000 ringgit has been settled, while the second tranche worth 250,002 ringgit will be paid by June 29.

Concurrently, a conditional consideration of around 499,998 ringgit will be paid within six months, depending on whether X Miles fulfills certain conditions in the agreement.