Friday, November 07, 2008 to acquire another 48% of Enerpro

Despite economic downturn, has been very aggressive in its acquisition plan and here is another one that it has done recently. Here .

Quoting it
The Board of Directors of the Company wishes to announce that Pte Ltd (“JS”), a wholly-owned subsidiary of the Company, had on 4 November 2008 entered into a Memorandum of Understanding (“MOU”) with Lim Teck Vee (“LTV”) and Teo Koon Hong (“TKH”) for the acquisition of 180,000 ordinary shares in the share capital of Enerpro Pte. Ltd (“Enerpro”) from TKH for a total cash consideration of SGD279,436.85 (equivalent to RM666,177.45 based on the exchange rate as at 4 November 2008 of SGD1 : RM2.3840), which would result in the shareholding of JS in Enerpro increasing from 157,500 ordinary shares representing 42% of the total issued and paid-up share capital of Enerpro to 337,500 ordinary shares, representing 90% of the total issued and paid-up share capital of Enerpro (“Proposed Transaction”).

Upon the completion of the Proposed Transaction, resulting in Enerpro being a sub-subsidiary of the Company, the respective proportions of the shareholdings in Enerpro shall be as follows:

Shareholders No. of Shares %

JS 337,500 90%
LTV 37,500 10%
--------- -------
Total 375,000 100%
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