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ASIA BIOENERGY TECHNOLOGIES BERHAD ("ABT" OR "THE COMPANY") PROPOSED ACQUISITION BY ABT OF 20% EQUITY INTEREST OF ECOMPAZZ IT SDN BHD (“ECOMPAZZ”) COMPRISING 60,000 ORDINARY SHARES OF RM1.00 EACH FOR A CASH CONSIDERATION OF RM3,500,000 (“PROPOSED ACQUISITION”).

ASIA BIOENERGY TECHNOLOGIES BERHAD

TypeAnnouncement
SubjectASIA BIOENERGY TECHNOLOGIES BERHAD ("ABT" OR "THE COMPANY")

PROPOSED ACQUISITION BY ABT OF 20% EQUITY INTEREST OF ECOMPAZZ IT SDN BHD (“ECOMPAZZ”) COMPRISING 60,000 ORDINARY SHARES OF RM1.00 EACH FOR A CASH CONSIDERATION OF RM3,500,000 (“PROPOSED ACQUISITION”).
ContentsKenanga Investment Bank Berhad (“KIBB”) is pleased to announce on behalf of the Board of Directors (“Board”) of ABT that the Company had on 18 November 2010 entered into a conditional Share Sale Agreement (“SSA”) with Lim Chee Wei and Siti Azlina binti Abdul Latif (“the Vendors”) for the acquisition of 60,000 ordinary shares of RM1.00 each in Ecompazz (“ Shares”), representing 20% of the entire equity interest in Ecompazz for a cash consideration of RM3,500,000 (“Purchase Consideration”).

Concurrently, the Company had also on the same date entered into a Shareholders’ Agreement with Lim Chee Wei, Cha Weay Chia, Siti Azlina binti Abdul Latif and Ecompazz (“Shareholders’ Agreement”), for the purpose of, amongst others, recording the terms and conditions governing the shareholders’ relationship, the shareholders’ rights and the manner in which the business and matters of Ecompazz shall be conducted.

This announcement is dated 18 November 2010.

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Announcement Info

Company NameASIA BIOENERGY TECHNOLOGIES BERHAD (ACE Market) 
Stock Name ASIABIO    
Date Announced18 Nov 2010  
CategoryGeneral Announcement
Reference NoMI-101118-57792



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