Berjaya Corporation Berhad's Subsidiary To Acquire 60% Stake In Algaetech International Sdn. Bhd.

Berjaya Corporation Berhad announced that its wholly-owned subsidiary, Berjaya Group Berhad (BGroup), has on October 9, 2012, entered into a Share Sale Agreement (SSA) with LM Greentech Sdn Bhd (Seller) for the acquisition of 60% stake comprising 900,000 Class B ordinary shares of MYR 1.00 each in Algaetech International Sdn. Bhd. (Algaetech Intl) for a cash consideration of MYR 1.00 million. Algaetech Intl was incorporated in Malaysia on August 13, 2010. The Algaetech Intl Group is involved in micro-algae research, development and consultancy with production and marketing of renewable energy and high value products, including anti-oxidants and other nutraceuticals.