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Megalogic Technology Holdings Ltd Enters Into Acquisition Agreement


Monday, 28 Jan 2013 07:40pm EST 

Megalogic Technology Holdings Ltd announced that on January 28, 2013 (after trading hours), the Company, the Vendor and the Target Company entered into the Acquisition Agreement, pursuant to which the Company conditionally agreed to acquire and the Vendor conditionally agreed to dispose of the Sale Shares, representing 100% of the entire issued share capital of the Target Company at the total consideration of HKD45,000,000. Pursuant to the terms of the Acquisition Agreement, the Consideration of HKD45,000,000 shall be settled in the following manner: upon signing of the Acquisition Agreement, a sum of HKD4,500,000 shall be paid by the Purchaser to the Vendor or its nominee as the Vendor may direct as refundable deposit which at Completion shall be applied and taken as part payment of the Consideration; at Completion: a sum of HKD15,500,000 shall be paid by the Purchaser to the Vendor or its nominee as the Vendor may direct; and the remaining balance of the Consideration being HKD25,000,000 shall be settled by the issuance of the Promissory Note by the Purchaser to the Vendor. The Target Company is an investment holding company incorporated in BVI with limited liability on October 09, 2012. Other than the holding of the entire equity interest in CR Finance, the Target Company has not carried on any business after incorporation. 

Company Quote

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1:32am EDT