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Kasen International Holdings Ltd Announces Acquisition Of Land In Malaysia


Monday, 8 Jul 2013 11:30am EDT 

Kasen International Holdings Ltd announced that on July 8, 2013, the Company and Kaj Development entered into the Letter of Offer pursuant to which the Company has conditionally agreed that the Company or its subsidiaries will acquire the Land in Malaysia from Kaj Development for a total consideration of RM71,874,000 (equivalent to approximately HKD174,042,891). The total consideration for the Acquisition shall be payable by the Company in the following manner: a deposit payment of RM3,593,700 (equivalent to approximately HK$8,702,145), shall be payable by the Company to the legal adviser of Kaj Development (who acts as the escrow agent for the Acquisition) upon the entering into of the Letter of Offer, whom shall only release the Earnest Deposit to Kaj Development upon the signing of the Sales and Purchase Agreement. In the event that the parties fail to enter into the Sales and Purchase Agreement within 14 days after the signing of the Letter of Offer, such Earnest Deposit will be refunded to the Company with no interest. In addition to the Earnest Deposit, a second payment of RM3,593,700 (equivalent to approximately HK$8,702,145), shall be payable by the Company to Kaj Development upon the signing of the Sales and Purchase Agreement; and a third payment of RM64,686,600 (equivalent to approximately HK$156,638,601), shall be payable by the Company to Kaj Development progressively in accordance with the terms of the Sales and Purchase Agreement. 

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31 Jul 2014