Lereno Bio-Chem Ltd. Updates On Proposed Acquisition Of Bintai Kindenko Private Limited

Lereno Bio-Chem Ltd. announced that further to the earlier announcement with regards to proposed acquisition of Bintai Kindenko Private Limited, the Board of Directors of the Company announced that the conditions precedent in the Acquisition SPA have not been fulfilled and in the light of the current weak market conditions, the parties have mutually agreed not to extend the Completion Date to beyond September 30, 2011. Accordingly, the Acquisition SPA has lapsed and ceased to have any effect, and none of the parties to the Acquisition SPA shall have any claim against the others. The financial impact of the non-completion of the Proposed Acquisition is that the estimated professional fees of approximately S$1.1 million incurred in connection with the Proposed Acquisition will have to be written off in the profit and loss statement of the Group for the financial year ending 31 March 2012.