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GRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR THE “COMPANY”) PROPOSED ACQUISITION OF CL SOLUTIONS (CHINA) LIMITED, A COMPANY INCORPORATED IN HONG KONG, FOR AN AGGREGATE CONSIDERATION OF HKD25,000,000 (EQUIVALENT TO APPROXIMATELY RM10,638,298) TO BE SATISFIED BY A COMBINATION OF CASH AND THE ISSUANCE OF NEW ORDINARY SHARES OF RM0.10 EACH IN GRAND-FLO

GRAND-FLO SOLUTION BERHAD

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

PROPOSED ACQUISITION OF CL SOLUTIONS (CHINA) LIMITED, A COMPANY INCORPORATED IN HONG KONG, FOR AN AGGREGATE CONSIDERATION OF HKD25,000,000 (EQUIVALENT TO APPROXIMATELY RM10,638,298) TO BE SATISFIED BY A COMBINATION OF CASH AND THE ISSUANCE OF NEW ORDINARY SHARES OF RM0.10 EACH IN GRAND-FLO
ContentsOn behalf of the Board of Directors of Grand-Flo, Kenanga Investment Bank Berhad is pleased to announce that the Company had on 10 September 2008 entered into a conditional Share Acquisition Agreement with CL Solutions Services Limited for the proposed acquisition of the entire issued and paid-up share capital of CL Solutions (China) Limited for an aggregate consideration of HKD25,000,000 (equivalent to approximately RM10,638,298) (“Proposed Acquisition”).

The aggregate consideration for the Proposed Acquisition of HKD25,000,000 (equivalent to approximately RM10,638,298) shall be satisfied by way of cash of HKD13,750,000 (equivalent to approximately RM5,851,064) and the balance HKD11,250,000 (equivalent to approximately RM4,787,234) via the issuance of 11,398,176 new ordinary shares of RM0.10 each in Grand-Flo at an issue price of RM0.42 each.

Please refer to the attachment for details on the Proposed Acquisition.

Attachments

Grand-Flo - Announcement.pdf
179 KB



Announcement Info

Company NameGRAND-FLO SOLUTION BERHAD (MESDAQ Market) 
Stock Name GRANFLO    
Date Announced10 Sept 2008  
CategoryGeneral Announcement
Reference NoO&-080910-34743



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