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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SUNZEN BIOTECH BERHAD ("SUNZEN" OR THE "COMPANY") (I) PROPOSED ACQUISITION OF 5,250,000 ORDINARY SHARES IN ECOLITE BIOTECH MANUFACTURING SDN BHD ("ECOLITE"), REPRESENTING 70% EQUITY INTEREST IN ECOLITE ; AND (II) PROPOSED DIVERSIFICATION INTO THE MANUFACTURING AND TRADING OF TRADITIONAL CHINESE MEDICINES AND HERBAL HEALTH FOODS AND BEVERAGES

SUNZEN BIOTECH BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
SUNZEN BIOTECH BERHAD ("SUNZEN" OR THE "COMPANY")
(I)	PROPOSED ACQUISITION OF 5,250,000 ORDINARY SHARES IN ECOLITE BIOTECH MANUFACTURING SDN BHD ("ECOLITE"), REPRESENTING 70% EQUITY INTEREST IN ECOLITE ; AND
(II)	PROPOSED DIVERSIFICATION INTO THE MANUFACTURING AND TRADING OF TRADITIONAL CHINESE MEDICINES AND HERBAL HEALTH FOODS AND BEVERAGES

On behalf of the board of directors of SUNZEN, M&A Securities Sdn Bhd wishes to announce that on 7 July 2017, SUNZEN has entered into a share sale agreement with Chum Mun Cuan and Lim Poh Chuw (collectively, the “Vendors”) for the acquisition of 5,250,000 ordinary shares in the share capital of Ecolite, representing 70% of the total number of issued shares in Ecolite, for a purchase consideration of RM12,050,360 (“Proposed Acquisition”) to be wholly satisfied by the allotment and issuance of 37,657,375 SUNZEN Shares at an issue price of RM0.32 per SUNZEN Share.

In conjunction with the Proposed Acquisition, the Company intends to undertake the proposed diversification of the business activities of SUNZEN and its subsidiaries to include the manufacturing and trading of traditional Chinese medicines and herbal health foods and beverages (“Proposed Diversification”).

(The Proposed Acquisition and Proposed Diversification are collectively referred to as the “Proposals”).

Kindly refer to the attachment on further details of the Proposals.

This announcement is dated 7 July 2017.




Please refer attachment below.

Attachments

070717 - Annct.pdf
411.3 kB



Announcement Info

Company Name SUNZEN BIOTECH BERHAD
Stock Name SUNZEN
Date Announced 07 Jul 2017
Category General Announcement for PLC
Reference Number GA1-07072017-00035




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