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Silverlake Axis Ltd Announces Proposed Acquisition Of Entire Issued Share Capital Of Cyber Village Sdn Bhd


Wednesday, 22 May 2013 05:28am EDT 

Silverlake Axis Ltd announced that on May 22, 2013, the Company had entered into a Sale and Purchase Agreement (Agreement) with Brightsphere Sdn Bhd (the Vendor), and Shieh Yee Bing and Sua Shii Huey, as guarantors, in respect of the Proposed Acquisition. Upon the completion of the Proposed Acquisition, CVSB shall become a wholly-owned subsidiary of the Company. CVSB was incorporated under the laws of Malaysia on 25 November 1996. CVSB is a e-business solutions pioneer, ASEAN providing and mobile financial services, portals, customer loyalty and e-commerce solutions and services for clients in various industries. The consideration for the Proposed Acquisition (Consideration) shall be MYR42,296,000. The Consideration shall be settled by cash in three tranches as follows: Tranche 1: On the completion of the Agreement, the Company shall pay the Vendor MYR39,296,000; Tranche 2: Within 21 days from December 31, 2014, the Company shall pay to the Vendor a sum of RM1,200,000; Tranche 3: Within 21 days from December 31, 2015, the Company shall pay to the Vendor a sum of MYR1,800,000. The Consideration will be financed using the internal resources of the Company. 

Company Quote

1.15
0.01 +0.88%
24 Jul 2014