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IGB Corporation Bhd's Megan Prestasi Sdn Bhd Enters Into Conditional Agreements

Tuesday, 18 Jun 2013 08:00pm EDT 

IGB Corp Bhd announced that its wholly-owned subsidiary Megan Prestasi Sdn Bhd, on June 19, 2013 entered into 2 conditional agreements: a Share Sale and Purchase Agreement between MPSB and Dato’ Dr. Kho Eng Hue @ Koh Eng Hooi in relation to the proposed acquisition by MPSB of 1,000,001 ordinary shares of RM1.00 each in Distinctive ACE Sdn Bhd representing 50% and 1 share of the issued and paid-up share capital of DASB, from DDK, for a purchase consideration of MYR33,000,000.00; and a Shareholders Agreement between MPSB, DDK, Tan Nyap Keong @ Tony Tan, Datin Lee Min Mooi @ Lee Min May, Lim Ech Chan and Koh Bee Hoon in relation to the joint-venture entity, DASB, to regulate their rights as Shareholders in DASB. IGB will finance MPSB’s acquisition of the Sale Shares of MYR33,000,000.00 in cash. IGB/MPSB intends to finance the balance purchase consideration of MYR96,683,272.00 pursuant to the term and schedule of payment in LPA from internal funds and/or bank borrowings. 

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