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GRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”) PROPOSED ACQUISITIONS OF 100% EQUITY INTEREST EACH IN SPRITVEST SDN BHD AND DATA CENTRIX SDN BHD BY GRAND-FLO FOR A TOTAL PURCHASE CONSIDERATION OF RM14,000,000, OF WHICH RM7,000,000 WILL BE SATISFIED BY THE ISSUANCE OF 13,333,333 NEW ORDINARY SHARES OF RM0.10 EACH IN GRAND-FLO AT AN ISSUE PRICE OF RM0.525 PER SHARE AND RM7,000,000 TO BE SATISFIED BY CASH (“PROPOSED ACQUISITIONS”)

GRAND-FLO SOLUTION BERHAD

Type

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

PROPOSED ACQUISITIONS OF 100% EQUITY INTEREST EACH IN SPRITVEST SDN BHD AND DATA CENTRIX SDN BHD BY GRAND-FLO FOR A TOTAL PURCHASE CONSIDERATION OF RM14,000,000, OF WHICH RM7,000,000 WILL BE SATISFIED BY THE ISSUANCE OF 13,333,333 NEW ORDINARY SHARES OF RM0.10 EACH IN GRAND-FLO AT AN ISSUE PRICE OF RM0.525 PER SHARE AND RM7,000,000 TO BE SATISFIED BY CASH (“PROPOSED ACQUISITIONS”)

Contents :

Further to the Company’s announcement dated 12 July 2006 pertaining to the Proposed Acquisitions, K&N Kenanga Berhad ("Kenanga"), on behalf of the Board of Directors of Grand-Flo, is pleased to announce that the Securities Commission ("SC") had vide its letter dated 5 September 2006 approved the Company’s application for the variation to a condition of the SC’s approval for the Proposed Acquisitions.


The original SC condition and the approved revised condition are as follows:-

Original ConditionApproved Revised Condition
The Vendors to covenant and irrevocably undertake to Grand-Flo’s board of directors in writing that the Vendors shall assume full responsibility for any penalty/demand for any payment of tax (against Spritvest Sdn Bhd) that may be imposed by the Inland Revenue Board arising from late, improper and/or under payment of tax for the period between 1997 and 2004.The Vendors, Othman Bin Bakri and Cheng Ping Liong, are to covenant and irrevocably undertake to Grand-Flo’s board of directors in writing that the Vendors shall assume full responsibility for any penalty for/demand of any payment of tax (against Spritvest Sdn Bhd) imposed by the Inland Revenue Board arising from late, improper and/or under payment of tax for the period between 1997 and 2004, save for such penalties/income tax to the extent already provided for in the audited financial statements of Spritvest for the financial year ended 31 December 2005.

This announcement is dated 6 September 2006.


Announcement Info

Company NameGRAND-FLO SOLUTION BERHAD (MESDAQ Market) 
Stock Name GRANFLO    
Date Announced6 Sept 2006  
CategoryGeneral Announcement
Reference NoO&-060906-63679



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