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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS INDUSTRONICS BERHAD ("INDUSTRONICS" OR "THE COMPANY") - CONDITIONAL DEPOSIT AGREEMENT IN CONNECTION WITH THE PROPOSED SUBSCRIPTION OF SHARES IN VASHION GROUP LIMITED

INDUSTRONICS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
INDUSTRONICS BERHAD ("INDUSTRONICS" OR "THE COMPANY") 
- CONDITIONAL DEPOSIT AGREEMENT IN CONNECTION WITH THE PROPOSED SUBSCRIPTION OF SHARES IN VASHION GROUP LIMITED

The terms used herein, unless the context otherwise stated, shall bear the same meaning as those defined in the previous announcements in relation to the proposed subscription of shares in Vashion Group Limited (“Vashion”).

Further to the Company’s announcements made on 11 July 2014, 10 October 2014, 6 January 2015, 31 March 2015, 1 July 2015, 3 July 2015, 30 September 2015, 4 January 2016, 1 April 2016 and 4 July 2016, the Board of Directors of Industronics (“Board”) wishes to inform that both Vashion and the Company have agreed to treat the balance of the Conditional Deposit of S$1,033,188 as a loan indebted by Vashion to the Company’s 70% owned Singapore subsidiary namely Industrial Electronics (S) Pte. Ltd. (“Lender”) by way of an assignment of the remaining refundable Deposit due by Vashion to the Company as at 1 July 2016, to the Lender. The Lender and Vashion has subsequently entered into a Loan Agreement to formalise the following salient terms and conditions governing the Loan:-

a)    The loan amount shall be the balance of Conditional Deposit of S$1,033,188 (“Outstanding Balance”) as at the date of the assignment by the Company to Lender on 1 July 2016 (“Date of Assignment”);
b)    The Outstanding Balance together with interest accrued shall be paid within three (3) months from the Date of Assignment; and
c)    Interest will be charged at 3% per month on the Outstanding Balance with effect from the Date of Assignment.

The Loan is not expected to have any material effect on the consolidated earnings, net assets and gearing of the Company for the financial year ending 31 December 2016. Having considered all relevant aspects of the Loan, the Board is of the opinion that the Loan is in the best interest of Industronics Group.

Ms Zhou Qi Lin, who is a substantial shareholder of the Company, is also a substantial shareholder of Vashion. As at the date of this announcement, Ms Zhou Qi Lin holds approximately 9.03% of equity interest in the Company and approximately 8.55% of equity interest in Vashion. Mr Christian Kwok-Leun Yau Heilesen, the Executive Director and substantial shareholder of Vashion (with deemed interest of approximately 7.59% of the equity interest in Vashion), is deemed interested in 26.53% of equity interest in the Company, and Mr Leung Kwok Kuen Jacob, the Non-Executive Director of Vashion, is the Independent Non-Executive Chairman of the Company.

Save for the above disclosures, none of the Directors of the Company and to the best knowledge of the Directors, none of the major shareholders or persons connected to them has any interest, direct or indirect in the provision of the Loan.

This announcement is dated 26 August 2016.






Announcement Info

Company Name INDUSTRONICS BERHAD
Stock Name ITRONIC
Date Announced 26 Aug 2016
Category General Announcement for PLC
Reference Number GA1-08082016-00001




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