Hoe Leong Corporation Ltd. Announces Conditional Agreement To Acquire Entire Equity Interest In Korea Crawler Track Ltd

Hoe Leong Corporation Ltd. announced that further to its earlier announcement, the Board of Directors of Hoe Leong Corporation Ltd announced that on August 24, 2011, the Company has entered into a conditional sale and purchase of shares agreement with its controlling shareholder, Hoe Leong Co. (Pte.) Ltd, to acquire 100% interest in the registered and paid-up capital of Korea Crawler Track Ltd (KCTL), comprising 2,750,000 Common Shares in KCTL. KCTL is a corporation incorporated in the Republic of Korea. The salient terms of the Sale and Purchase Agreement are as follows: The total consideration for the Sale Shares is SGD3,260,000 payable in cash. The Consideration was agreed by the Company and Hoe Leong Co. (Pte.) Ltd on an arm’s length, willing buyer and willing seller basis and taking into account the cost of investment of Hoe Leong Co. (Pte.) Ltd in KCTL. Completion shall take place on such date falling five business days after the date on which all the conditions precedent are fulfilled (or waived, as the case may be), or such other date as the parties may mutually agree in writing.