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GRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”) INCREASE IN PURCHASE CONSIDERATION BY RM428,178 IN THE ACQUISITIONS OF SPRITVEST SDN BHD AND DATA CENTRIX SDN BHD (“THE ACQUIREES”) BY GRAND-FLO DUE TO THE ACQUIREES’ AGGREGATE AUDITED PROFIT AFTER TAX EXCEEDED THE GUARANTEED PROFIT AFTER TAX DURING THE PROFIT GUARANTEE PERIOD WHICH ENDED ON 31 DECEMBER 2007

GRAND-FLO SOLUTION BERHAD

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

INCREASE IN PURCHASE CONSIDERATION BY RM428,178 IN THE ACQUISITIONS OF SPRITVEST SDN BHD AND DATA CENTRIX SDN BHD (“THE ACQUIREES”) BY GRAND-FLO DUE TO THE ACQUIREES’ AGGREGATE AUDITED PROFIT AFTER TAX EXCEEDED THE GUARANTEED PROFIT AFTER TAX DURING THE PROFIT GUARANTEE PERIOD WHICH ENDED ON 31 DECEMBER 2007
ContentsFurther to the announcement dated 13 October 2006 on the completion of the proposed acquisitions of 100% equity interest in Spritvest Sdn Bhd and Data Centrix Sdn Bhd for a total purchase consideration of RM14,000,000 of which RM7,000,000 will be satisfied by the issuance of new Grand-Flo shares and RM7,000,000 to be satisfied by cash consideration, the Board of Directors of Grand-Flo is pleased to announce that as at 31 December 2007, the audited financial statements of both the Acquirees had exceeded their aggregate profit after tax guarantee of RM2,500,000 by RM1,427,259.

As per Sales Acquisition Agreement dated 22 March 2006, the purchase price shall automatically be increased by an aggregate sum equivalent to thirty per cent (30%) of the excess profit after tax. This had resulted in an increase in the purchase consideration for the acquisitions amounting to RM428,178 which had been duly paid to the vendors of the Acquirees.

This announcement is dated 28 May 2008.


Announcement Info

Company NameGRAND-FLO SOLUTION BERHAD (MESDAQ Market) 
Stock Name GRANFLO    
Date Announced28 May 2008  
CategoryGeneral Announcement
Reference NoCM-080528-32250



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