News

References are made to the Company’s announcements dated 25 March 2020, 24 April 2020, 23 June 2020, 26 August 2020, 25 September 2020 and 28 October 2020. Unless otherwise stated, defined terms used in this announcement shall have the same meanings as those used in the earlier announcements.

The Board of Directors of KAB wishes to announce the following:-

1. KABEP has on 5 March 2021 entered into Share Purchase Agreement (“Konpro’s SPA”) with INVEN [Company No. 200501008997 (686044-X)] to acquire 2,500,000 Ordinary Shares in Konpro for a total cash consideration of RM7,930,000.00 (“Preliminary Value for Konpro”) instead of proposed acquisition of 2,000,000 Ordinary Shares for a total consideration of RM5,100,000.00 as stated in the Heads of Agreements, which was announced on 25 March 2020 (“Proposed Acquisition of Konpro”); and
2. KABEP has on 5 March 2021 entered into Share Purchase Agreement (“Meru’s SPA”) with INVEN to acquire 750,000 Ordinary Shares in Meru for a total cash consideration of RM4,100,000.00 (“Final Purchase Price”) instead of proposed acquisition of 600,000 Ordinary Shares for a total consideration of RM2,160,000.00 and to assume liabilities of RM4,240,000.00 as stated in the Heads of Agreements, which was announced on 25 March 2020 (“Proposed Acquisition of Meru”)

Please refer to the attachment for further details on the Proposed Acquisitions.