DRB-Hicom Berhad's Lotus Advance Technologies Sdn Bhd Announces Proposed Acquisition Of 100% Equity Interest In Symphony Lotus Limited

DRB-Hicom Berhad announced that its effectively 100% wholly owned subsidiary, Lotus Advance Technologies Sdn Bhd (LATSB), had on June 11, 2013, entered into a conditional share sale and purchase agreement (SSA) with the shareholders of Symphony Lotus Limited (SLL) (Vendors) for a total consideration of USD15,000,003 (Purchase Consideration) to be satisfied in the following manner: a) Proposed acquisition of 1,000,000 ordinary shares of United States Dollar (USD) 1.00 each in SLL (SLL Share) representing the entire equity interest in SLL for a total cash consideration of USD3 (Proposed Acquisition); and b) Proposed transfer and assignment of the amounts owing by SLL to SLL's shareholders to LATSB for a total cash consideration of USD15 million (Proposed Transfer and Assignment of Shareholders' Advances). The Proposed Acquisition and Proposed Transfer and Assignment of Shareholders' Advances are collectively referred to as the Proposals. SLL was incorporated in Hong Kong SAR, People’s Republic of China (PRC) on January 11, 2011. Its authorized and fully paid up and issued share capital is USD1,000,000 comprising 1,000,000 SLL Shares. The principal activity of SLL is to engage in car dealership. As at June 11, 2013, SLL has one wholly owned subsidiary, Beijing Lotus Cars Sales Co. Ltd. (Beijing Lotus) which is incorporated in PRC. The principal activity of Beijing Lotus is the distribution of vehicles and wholesale of car components in PRC.