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Tiong Nam Logistics Holdings Bhd Acquires Medini Heritage Sdn. Bhd

Thursday, 18 Jul 2013 08:00pm EDT 

Tiong Nam Logistics Holdings Bhd announced that it has on July 19, 2013 acquired two ordinary shares of MYR1.00 each in cash (Acquisition) or equivalent to 100% of the issued and fully paid-up capital of Medini Heritage Sdn. Bhd. (MHSB) MHSB is a dormant company and its intended principal activity is property development. The cash consideration for the Acquisition amounting to MYR2 is arrived at based on the willing buyer willing seller basis and is based on the par value of the ordinary shares of MHSB. The sources of finance for the Acquisition are from internal generated funds. TNLHB will not assume any liabilities, including contingent liabilities and guarantees arising from the Acquisition. The Acquisition does not require approval form shareholders and any government authorities. 

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