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ASIA BIOENERGY TECHNOLOGIES BERHAD (“ABT” OR THE “COMPANY”) PROPOSED DISPOSAL OF THE ENTIRE 19.3% EQUITY INTEREST HELD BY ASIA BIOENERGY RESEARCH SDN BHD (“ABR”), A WHOLLY-OWNED SUBSIDIARY OF ABT, IN ABR’S INVESTMENT COMPANY, GRAND INIZIO SDN BHD (“GI”) OF RM5,000,000 REPRESENTING 5,000,000 ORDINARY SHARES OF RM1.00 EACH TO MLABS SYSTEMS BERHAD (“MLABS”) (“PROPOSED DISPOSAL”)

ASIA BIOENERGY TECHNOLOGIES BERHAD

Admission SponsorKenanga Investment Bank Bhd
SponsorSame as above
TypeAnnouncement
SubjectASIA BIOENERGY TECHNOLOGIES BERHAD (“ABT” OR THE “COMPANY”)

PROPOSED DISPOSAL OF THE ENTIRE 19.3% EQUITY INTEREST HELD BY ASIA BIOENERGY RESEARCH SDN BHD (“ABR”), A WHOLLY-OWNED SUBSIDIARY OF ABT, IN ABR’S INVESTMENT COMPANY, GRAND INIZIO SDN BHD (“GI”) OF RM5,000,000 REPRESENTING 5,000,000 ORDINARY SHARES OF RM1.00 EACH TO MLABS SYSTEMS BERHAD (“MLABS”) (“PROPOSED DISPOSAL”)
ContentsThe Board of Directors (“Board”) of ABT wishes to announce that its wholly-owned subsidiary company ABR had on 18 May 2010, entered into a conditional Sale and Purchase Agreement (“SPA”) with MLABS, for the disposal by ABR to MLABS of its 5,000,000 ordinary shares of RM1.00 each ("Sale Shares") representing 19.3% equity interest held in GI for a total consideration sum of RM15,366,795, to be satisfied via the issuance of 153,667,950 new ordinary shares of RM0.10 each in MLABS (“MLABS Shares”) to ABR pursuant to the SPA ("Proposed Disposal").

Please refer to the attachment for further details of the Proposal.

This announcemnent is dated 18 May 2010.

Attachments

ABT Ann Final.pdf
49 KB



Announcement Info

Company NameASIA BIOENERGY TECHNOLOGIES BERHAD (ACE Market) 
Stock Name ASIABIO    
Date Announced18 May 2010  
CategoryGeneral Announcement
Reference NoMI-100517-63361



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