Announcement Details/Table Section :
On behalf of the Board of Directors of JTB (“Board”), OSK Investment Bank Berhad (“OSK”) wishes to announce that JTB had, on 18 August 2011 entered into a conditional Share Sale Agreement with Kua Jin Guang @ Kau Kam Eng, Ng Keng Hoe, Lai Shin Lin and Lock Toh Peng for the acquisition of 1,500,000 ordinary shares of RM1.00 each in ADSB, representing the entire equity interest in ADSB, for a purchase consideration of RM31,000,000 to be satisfied by way of cash amounting to RM27,000,000 and the issuance of 4,000,000 ordinary shares of RM1.00 each in JTB (“JTB Shares”) at an issue price of RM1.00 per JTB Share. Pursuant to the Proposed Acquisition, OSK on behalf of the Board also wishes to announce that JTB wishes to undertake a diversification of the business of JTB and its subsidiaries into food and beverage (“F&B”) manufacturing. In addition, the object clauses in the Memorandum of Association of JTB are proposed to be amended to incorporate additional provisions to cover the new functions and nature of business of the Group in F&B manufacturing.
Further details of the Proposals are set out in the attachment.
This announcement is dated 18 August 2011.
