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Daya Materials Berhad's Daya Petroleum Ventures Sdn. Bhd Enters Into Subscription Agreement With MAXFLO


Tuesday, 19 Mar 2013 05:59am EDT 

Daya Materials Berhad announced that its 80% owned subsidiary, Daya Petroleum Ventures Sdn. Bhd. (formerly known as Metriwell Sdn. Bhd.) (DPV) had on March 18, 2013 entered into a Subscription Agreement (SA) with MAXFLO. The Proposed Acquisition involves: Subscription of 710,000 new ordinary shares of RM1.00 each in MAXFLO to be issued by MAXFLO representing 50.00% of the enlarged share capital of MAXFLO by way of setting off a receivable balance due from MAXFLO for RM1,107,984 and cash consideration of RM192,016 (Subscription Price); Acquisition of 10,000 existing ordinary shares of RM1.00 each in MAXFLO representing 0.70% of the issued and paid-up share capital of MAXFLO (Sale Shares), for a cash consideration of RM600,000 from the Vendor; and A put and call option in respect of up to 280,000 ordinary shares of RM1.00 each in the share capital of MAXFLO. The total purchase consideration of RM1,900,000 (Purchase Price) was for the collective shareholdings interest of 50.70% of the share capital of MAXFLO. MAXFLO was incorporated in Malaysia under the Companies Act, 1965 on February 21, 2005 as a private limited company. The completion of the SPA shall falls within seven days from the date within the Stipulated Period on which the last of the Conditions Precedent is fulfilled pursuant to and in accordance with the provisions of the SPA (the Completion Date). 

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