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GRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”) PROPOSED ACQUISITION IN VIETNAM BY SIMAT TECHNOLOGIES PUBLIC COMPANY LIMITED (“SIMAT”), AN ASSOCIATE COMPANY OF GRAND-FLO IN THAILAND, TO ACQUIRE 40% EACH OF THE CHARTER CAPITAL OF SINO CO., LTD. (“SINO”) AND HIGH RICH TRADING & SERVICE CO., LTD. (“HIGH RICH”) (“PROPOSED ACQUISITION”)

GRAND-FLO SOLUTION BERHAD

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

PROPOSED ACQUISITION IN VIETNAM BY SIMAT TECHNOLOGIES PUBLIC COMPANY LIMITED (“SIMAT”), AN ASSOCIATE COMPANY OF GRAND-FLO IN THAILAND, TO ACQUIRE 40% EACH OF THE CHARTER CAPITAL OF SINO CO., LTD. (“SINO”) AND HIGH RICH TRADING & SERVICE CO., LTD. (“HIGH RICH”) (“PROPOSED ACQUISITION”)
ContentsFurther to the announcement dated 9 April 2008 in respect of Simat’s proposed acquisition of 40% each of the charter capital of Sino and High Rich in Vietnam, the Board of Directors of Grand-Flo is pleased to announce that the due diligence process of the Proposed Acquisition has been completed and that on 21 October 2008, Simat and Simat Label Company Limited (a 60% - 40% joint venture company between Simat and Labels Network Sdn Bhd) have entered into two (2) Supplemental Agreements to the Share Sale Agreement of the Proposed Acquisition respectively.

In accordance to the terms and conditions of the Supplemental Agreements, the total purchase consideration of USD760,000 is reduced to USD680,000, the Profit Guarantee after Tax is increased from USD697,000 to USD795,000, and the profit guarantee period is extended to the financial year ended 31 December 2010.

Save for the purchase consideration, payment term and profit guarantee as set out in the Supplemental Agreements, all other terms and conditions of the Share Sale Agreement remain unchanged.

This announcement is dated 31 October 2008.


Announcement Info

Company NameGRAND-FLO SOLUTION BERHAD (MESDAQ Market) 
Stock Name GRANFLO    
Date Announced31 Oct 2008  
CategoryGeneral Announcement
Reference NoO&-081031-66419



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