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OTHERS GDB HOLDINGS BERHAD ("GDB" OR THE "COMPANY") - EXECUTION OF A TERM SHEET IN RELATION TO THE PROPOSED ACQUISITION OF 70% EQUITY INTEREST IN ECO GEOTECHNICS SDN BHD

GDB HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
GDB HOLDINGS BERHAD ("GDB" OR THE "COMPANY")
- EXECUTION OF A TERM SHEET IN RELATION TO THE PROPOSED ACQUISITION OF 70% EQUITY INTEREST IN ECO GEOTECHNICS SDN BHD

The Board of Directors of the Company wishes to announce that GDB and its wholly-owned subsidiary, Grand Dynamics Builders Sdn Bhd (collectively referred to as “Purchasers” or the “Group”) had on 17 April 2019 entered into a binding term sheet with Goh Eng Ngai, Wong Choo Keong and Tan Loo Loo (“collectively referred to as “Sellers”) ("Term Sheet") in relation to the proposed acquisition of 70% equity interest in Eco Geotechnics Sdn Bhd (Company No. 971293-X) ("Target Company") on a pro rata basis from the Sellers for a cash consideration to be determined within 60 days from the signing of the Term Sheet by conducting legal and financial due diligence review on the Target Company and based on the net asset of the Target Company (“Proposed Acquisition”).

 

The Term Sheet outlines the terms of the Proposed Acquisition, including but not limited to the details for the Proposed Acquisition which are subject to change or amendment based on further negotiations between the Purchasers and the Sellers (“Parties”) and due diligence review on the Target Company conducted by the Purchasers, with a view to enter into a definitive share sale agreement within 60 days from the signing of the Term Sheet or such extended period as mutually agreed by the Parties.

 

Please refer to the attachment for further details of the Term Sheet.

 

This announcement is dated 17 April 2019.




Please refer attachment below.

Attachments

GDB - Term Sheet.pdf
13.4 kB



Announcement Info

Company Name GDB HOLDINGS BERHAD
Stock Name GDB
Date Announced 17 Apr 2019
Category General Announcement for PLC
Reference Number GA1-15042019-00041




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