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GRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”) PROPOSED PRIVATE PLACEMENT OF NEW ORDINARY SHARES OF RM0.10 EACH IN GRAND-FLO REPRESENTING UP TO 10% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF THE COMPANY (“PROPOSED PRIVATE PLACEMENT”)

GRAND-FLO SOLUTION BERHAD

Type

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

PROPOSED PRIVATE PLACEMENT OF NEW ORDINARY SHARES OF RM0.10 EACH IN GRAND-FLO REPRESENTING UP TO 10% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF THE COMPANY (“PROPOSED PRIVATE PLACEMENT”)

Contents :

Pursuant to the announcement dated 15 March 2006, K & N Kenanga Bhd ("Kenanga") on behalf of the Board of Directors of Grand-Flo, is pleased to announce that the Securities Commission ("SC") has approved the Proposed Private Placement.


The SC's approval for the Proposed Private Placement is subject to the inter alia, the following conditions:-

(i) Kenanga / Grand-Flo should submit the list of placees upon completion of the placement exercise;

(ii) The proceeds, raised via the private placement, allocated for working capital are to be placed in fixed deposit until eventually utilised for the disclosed purposes;

(iii) Disclosures are to be made in quarterly reports on how the proceeds amount allocated to working capital were utilised, including specific items funded;

(iv) Kenanga / Grand-Flo to make a submission under the Guidelines on the Acquisition of Interests, Merger and Take-Overs by Local and Foreign Interests; and

(v) Kenanga / Grand-Flo to fully comply with the other relevant requirements of the Listing Requirements of Bursa Malaysia Securities Berhad for the MESDAQ Market in implementing the Proposed Private Placement.

This announcement is dated 19 April 2006.



Announcement Info

Company NameGRAND-FLO SOLUTION BERHAD (MESDAQ Market) 
Stock Name GRANFLO    
Date Announced19 Apr 2006  
CategoryGeneral Announcement
Reference NoO&-060418-79614



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