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China Media Group Corp Enters Into Material Definitive To Acquire 63.2% Equity Interests In Clixster Mobile Sdn Bhd-Form 8-K


Wednesday, 30 Oct 2013 06:02am EDT 

China Media Group Corp reported in its Form 8-K that on October 29, 2013, the Company) (Purchaser) and Samata Ventures Sdn Bhd and Clixster Sdn. Bhd. (jointly referred to as the "Vendors") entered into a conditional Sale and Purchase Agreement ("SP Agreement") for the Purchaser to acquire 63.2% equity interests in Clixster Mobile Sdn Bhd ("Clixster Mobile") from the Vendors. The purchase consideration is the issuance of 10,193,609,664 shares at a price of USD0.01 per share in CMG which represents approximately 90% of the enlarged share capital of CMG to the Vendors. This SP Agreement is conditional upon the satisfactory due diligence determined at both the Purchaser's and Vendor's respective discretion on or before November 30, 2013 (the "Long Stop Date"). If either the Purchaser or the Vendor is not satisfied with the due diligence on or before the Long Stop Date or any later date as agreed by the parties, then the SP Agreement will be cancelled with no effect. 

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23 Oct 2014