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FAVELLE FAVCO BERHAD (THE "COMPANY" OR "FAVCO") HEADS OF AGREEMENT IN RELATION TO THE PROPOSED ACQUISITION OF 70% EQUITY INTEREST IN EACH OF THE FOLLOWING COMPANIES: (I) EXACT AUTOMATION SDN BHD; (II) SEDIA TEGUH SDN BHD; (III) EXACT ANALYTICAL SDN BHD; AND (IV) EXACT OIL & GAS SDN BHD (ITEMS (I) TO (IV) ABOVE ARE COLLECTIVELY REFERRED TO AS "TARGET COMPANIES")
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Company Name FAVELLE FAVCO BERHAD
Stock Name FAVCO
Date Announced 05 Oct 2017
Category General Announcement for PLC
Reference Number GA1-05102017-00037

OTHERS FAVELLE FAVCO BERHAD (THE "COMPANY" OR "FAVCO") HEADS OF AGREEMENT IN RELATION TO THE PROPOSED ACQUISITION OF 70% EQUITY INTEREST IN EACH OF THE FOLLOWING COMPANIES: (I) EXACT AUTOMATION SDN BHD; (II) SEDIA TEGUH SDN BHD; (III) EXACT ANALYTICAL SDN BHD; AND (IV) EXACT OIL & GAS SDN BHD (ITEMS (I) TO (IV) ABOVE ARE COLLECTIVELY REFERRED TO AS "TARGET COMPANIES")

FAVELLE FAVCO BERHAD

Type
Announcement
Subject
OTHERS
Description
FAVELLE FAVCO BERHAD (THE "COMPANY" OR "FAVCO")
 
HEADS OF AGREEMENT IN RELATION TO THE PROPOSED ACQUISITION OF 70% EQUITY INTEREST IN EACH OF THE FOLLOWING COMPANIES:
 
(I)           EXACT AUTOMATION SDN BHD;
(II)          SEDIA TEGUH SDN BHD;
(III)         EXACT ANALYTICAL SDN BHD; AND
(IV)         EXACT OIL & GAS SDN BHD
 
(ITEMS (I) TO (IV) ABOVE ARE COLLECTIVELY REFERRED TO AS "TARGET COMPANIES")

The Board of Directors of the Company (“Board”) wishes to announce that the Company had on 5 October 2017 entered into a Heads of Agreement (“HOA”) with a group of individual vendors to acquire seventy percent (70%) equity interests in each of the Target Companies (“Proposed Acquisition”).

Pursuant to the HOA, the Company and the Vendors (collectively, the “Parties”) have agreed to negotiate exclusively the detailed terms and conditions in relation to the Proposed Acquisition with the intention of entering into a definitive conditional share sale and purchase agreement (“SPA”), shareholders' agreements and other related documentation. A detailed announcement on the Proposed Acquisition will be made upon finalisation of the terms and conditions and execution of the SPA.

Please refer to the attachment for further details on the HOA. 

This announcement is dated 5 October 2017.

Please refer attachment above.

    
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