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ASIA BIOENERGY TECHNOLOGIES BERHAD (“ASIABIO” or “the Company”) EXERCISE OF OPTION TO ACQUIRE AN ADDITIONAL 13.8% EQUITY INTEREST IN ECOMPAZZ IT SDN BHD

ASIA BIOENERGY TECHNOLOGIES BERHAD

Admission SponsorKenanga Investment Bank Bhd
SponsorSame as above
TypeAnnouncement
SubjectASIA BIOENERGY TECHNOLOGIES BERHAD (“ASIABIO” or “the Company”)

EXERCISE OF OPTION TO ACQUIRE AN ADDITIONAL 13.8% EQUITY INTEREST IN ECOMPAZZ IT SDN BHD
ContentsWith reference to the announcement dated 18 November 2010, Kenanga Investment Bank Berhad, on behalf of the Board of Directors of ASIABIO (“Board”), wishes to announce that the Company has on 21 January 2011 exercised the option granted to it by the vendor, Siti Azlina Binti Abdul Latif, to purchase an additional 41,500 ordinary shares of RM1.00 each in eCompazz IT Sdn Bhd (“eCompazz”), representing approximately 13.8% equity interest in eCompazz, for a total cash consideration of RM3,400,000 only (“Exercise of Option”).

Details of eCompazz and the option to purchase the additional 41,500 ordinary shares of RM1.00 each in eCompazz from the vendor are contained in the Company’s announcement dated 18 November 2010.

With the Exercise of Option, the Company will have in total 101,500 ordinary shares, representing approximately 33.8% equity interest in eCompazz.

None of the Directors and/or major shareholders of ASIABIO and/or persons connected with them, has any interest, direct or indirect, in the Exercise of Option.

The Board is of the opinion that the Exercise of Option offers good value in terms of investment to ASIABIO with a high probability of achieving early returns on investment, and is thus in the best interest of ASIABIO Group.

This announcement is dated 21 January 2011.


Announcement Info

Company NameASIA BIOENERGY TECHNOLOGIES BERHAD (ACE Market) 
Stock Name ASIABIO    
Date Announced21 Jan 2011  
CategoryGeneral Announcement
Reference NoMI-110121-61102



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