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Tadmax Resources Bhd Proposes Sale Of 100% Of Total Issued And Paid Up Share Capital Of Chongqing Liangshan Wijaya Food Limited To Justin Adrian For Total Sale Consideration Of MYR20,000,000

Monday, 29 Apr 2013 07:02am EDT 

Tadmax Resources Bhd announced that Tadmax has entered into a share sale agreement (SSA) with Justin Adrian (Justin Adrian) on 29 April 29, 2013, for the proposed sale of 100% equity interest in Chongqing Liangshan Wijaya Food Limited (CLWF) for a total sale consideration of MYR20,000,000 only (Sale Consideration) [Proposed Sale of Shares]. Tadmax is the registered and beneficial owner of the entire issued and paid up share capital of CLWF (the Sale Shares). CLWF was established in year 2006 for the purpose of undertaking the business of manufacturing of instant rice. Tadmax has agreed to sell and Justin Adrian has agreed to purchase the Sale Shares for a total Sale Consideration of MYR20,000,000. Justin Adrian is an individual with Indonesian Identity Card No (Nomor Induk Kependudukan) 317507307800014 and is an Indonesian Citizen with an address at Jl Camar Blok AA No. 2, Pondok Bambu, Duren Sawit, Jakarta Timur, Republic of Indonesia. The proceeds derived from the Proposed Sale of Shares has been utilized towards the reduction of the amount owing by Tadmax to its director, Dato Faizal Abdullah by MYR11,999,999 and further reduction in amount owing by AGSB (a wholly owned subsidiary of Tadmax) of MYR3,000,000 which is due and owing to Wijaya Baru Sdn Bhd, a 45% associated company of Tadmax. Both the reduction of liabilities of Tadmax are formalized vide the execution of deeds of novation 

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0.0050 +1.10%
22 Aug 2014