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GRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”) (I) PROPOSED BONUS ISSUE OF NEW ORDINARY SHARES OF RM0.10 EACH IN GRAND-FLO (“GRAND-FLO SHARES” OR “SHARES”) TO BE ISSUED AND CREDITED AS FULLY PAID-UP TO THE SHAREHOLDERS OF GRAND-FLO ON THE BASIS OF ONE (1) NEW SHARE FOR EVERY ONE (1) EXISTING SHARE HELD (“PROPOSED BONUS ISSUE”); (II) PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN SPRITVEST SDN BHD AND DATA CENTRIX SDN BHD FOR A TOTAL PURCHASE CONSIDERATION OF RM14,000,000, RM7,000,000 TO BE SATISFIED BY THE ISSUANCE OF NEW GRAND-FLO SHARES AND RM7,000,000 TO BE SATISFIED BY CASH CONSIDERATION (“PROPOSED ACQUISITIONS”); AND (III) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL. (COLLECTIVELY KNOWN AS “PROPOSALS”)

GRAND-FLO SOLUTION BERHAD

Type

Announcement
SubjectGRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”)

(I) PROPOSED BONUS ISSUE OF NEW ORDINARY SHARES OF RM0.10 EACH IN GRAND-FLO (“GRAND-FLO SHARES” OR “SHARES”) TO BE ISSUED AND CREDITED AS FULLY PAID-UP TO THE SHAREHOLDERS OF GRAND-FLO ON THE BASIS OF ONE (1) NEW SHARE FOR EVERY ONE (1) EXISTING SHARE HELD (“PROPOSED BONUS ISSUE”);

(II) PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN SPRITVEST SDN BHD AND DATA CENTRIX SDN BHD FOR A TOTAL PURCHASE CONSIDERATION OF RM14,000,000, RM7,000,000 TO BE SATISFIED BY THE ISSUANCE OF NEW GRAND-FLO SHARES AND RM7,000,000 TO BE SATISFIED BY CASH CONSIDERATION (“PROPOSED ACQUISITIONS”); AND

(III) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL.

(COLLECTIVELY KNOWN AS “PROPOSALS”)

Contents :

Reference is made to the announcements dated 22 March 2006 and 19 April 2006 pertaining to the Proposals and the proposed private placement of up to 10% of the issued and paid-up share capital of the Company (“Proposed Private Placement”) respectively (“Announcements”).


Subsequent to the above Announcements, K & N Kenanga Bhd, on behalf of Grand-Flo, wishes to announce that in respect of the maximum number of shares to be issued under the Proposed Bonus Issue would be 56,781,600 Grand-Flo Shares instead of 56,804,000 Grand-Flo Shares as announced earlier in view that:-

(i) the Securities Commission (“SC”) has approved the proposed private placement of up to 5,019,600 new Grand-Flo Shares; and

(ii) updates to the outstanding unexercised Employee Share Option Scheme (“ESOS”) options of the Company to 1,507,000 ESOS options as at 2 May 2006.

The consequential changes to the effects on the share capital, net assets and substantial shareholders’ shareholdings of Grand-Flo are set out in Table 1, 2, and 3 respectively.

This announcement is dated 29 May 2006.
Tables.DOC

Attachments

Tables.DOC
130 KB



Announcement Info

Company NameGRAND-FLO SOLUTION BERHAD (MESDAQ Market) 
Stock Name GRANFLO    
Date Announced29 May 2006  
CategoryGeneral Announcement
Reference NoO&-060529-62654



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