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GRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”) -PROPOSED JOINT VENTURE AGREEMENT (“JVA”) ENTERED INTO BETWEEN SIMAT TECHNOLOGIES PUBLIC COMPANY LIMITED (“SIMAT”), AN ASSOCIATE COMPANY OF GRAND-FLO, AND LABELS NETWORK SDN BHD (“LNSB”) TO FORM A JOINT VENTURE COMPANY UNDER THE NAME SIMAT LABELS (THAILAND) COMPANY LIMITED (“SIMAT LABELS”), A LIMITED LIABILITY COMPANY TO BE ESTABLISHED UNDER THE LAWS OF THAILAND

GRAND-FLO SOLUTION BERHAD

Type

Announcement
SubjectGRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”)
-PROPOSED JOINT VENTURE AGREEMENT (“JVA”) ENTERED INTO BETWEEN SIMAT TECHNOLOGIES PUBLIC COMPANY LIMITED (“SIMAT”), AN ASSOCIATE COMPANY OF GRAND-FLO, AND LABELS NETWORK SDN BHD (“LNSB”) TO FORM A JOINT VENTURE COMPANY UNDER THE NAME SIMAT LABELS (THAILAND) COMPANY LIMITED (“SIMAT LABELS”), A LIMITED LIABILITY COMPANY TO BE ESTABLISHED UNDER THE LAWS OF THAILAND

Contents :



1. INTRODUCTION

      The Board of Directors of Grand-Flo is pleased to announce that Simat has on 18 December entered into a JVA with LNSB, subject to approval of the Securities and Exchange Commission of Thailand to form a joint venture company, Simat Labels, as a limited liability company under the laws of Thailand.


2. ISSUED AND PAID-UP SHARE CAPITAL
      Simat Labels shall have the registered capital of Baht 12,000,000 consisting of 1,200,000 ordinary shares with par value of Baht 10 each.

      Simat and LNSB shall at the time of incorporation of Simat Labels transfer the subscription prices in the following proportion:

      (i) Simat, in the amount of Baht 7,200,000 representing sixty (60) per cent of the subscribed shares; and

      (ii) Labels Network, in the amount of Baht 4,800,000 representing forty (40) per cent of the subscribed shares.



3. PRINCIPAL ACTIVITIES
      The principal activities of Simat Labels will be to manufacture and distribute barcode label and Radio Frequency Identification (“RFID”) label tag products or components in Thailand and to do any and all things which may be incidental or convenient to carry on the business in Thailand as contemplated under this JVA including establishment of Kopack (Thailand) Company Limited to manufacture barcode label and RFID label tag under privileges of the Thailand Board of Investment (“BOI”) in order to serve the customers located in BOI zones.


4. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS
      None of the Directors and/or substantial shareholders of Grand-Flo and persons connected to them, insofar as the existing Directors and substantial shareholders are able to ascertain and are aware, have any interest, direct or indirect, in the JVA.


5. ESTIMATED TIME FRAME FOR COMPLETION
      Barring any unforeseen circumstances, the Board expects Simat Labels to be incorporated by the first quarter of 2008.



6. DOCUMENTS AVAILABLE FOR INSPECTION

      The JVA will be available for inspection at the registered office of Grand-Flo at Third Floor, No. 79 (Room A), Jalan SS21/60, Damansara Utama, 47400 Petaling Jaya, Selangor, during normal office hours from Mondays to Fridays (except public holidays) for a period of one (1) month from the date of this announcement.

This announcement is dated 19 December 2007.



Announcement Info

Company NameGRAND-FLO SOLUTION BERHAD (MESDAQ Market) 
Stock Name GRANFLO    
Date Announced19 Dec 2007  
CategoryGeneral Announcement
Reference NoCM-071218-59599





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