Item 2.01. Completion of Acquisition or Disposition of Assets

On November 24, 2016, Median Group Inc. (“MGI”) entered into an agreement to dispose of its 50.01% interests in Naim Indah Mobile Communications Sdn. Bhd. (“NIMC”) to ASN Satellites Sdn. Bhd. (“ASSB”) for RM1,000,001 or about US$238,095. The consideration was arrived at after arm’s length negotiations and represents the initial investments made by MGI into NIMC. As a result of this disposal, MGI would record a modest gain on the disposal of NIMC in the accounts of MGI. ASSB is owned by certain directors of MGI.

NIMC is a Network Service Provider (“NSP”) and Application Service Provider (“ASP”) licensed under the Malaysia Communications and Multimedia Commission and is in the business of providing digital telecommunication products and services. Grid Mobile Sdn. Bhd. (“Grid Mobile”), a wholly owned subsidiary of MGI and NIMC are in advance discussion to enter into an exclusive business partnership for Grid Mobile to be the exclusive sales and marketing arm of NIMC, providing telecommunication products and services. MGI is also in discussion with ASSB for ASSB to grant a put option to MGI to acquire the 50.1% interests in NIMC within the next 5 years. Further announcements will be made when we have entered into definitive agreements.