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YGL CONVERGENCE BERHAD (“YGL” OR “COMPANY”) PROPOSED ACQUISITION OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF SCS INFORMATION TECHNOLOGY (HK) LIMITED ("SCSHK") FOR A TOTAL CASH CONSIDERATION OF SINGAPORE DOLLAR ("SGD") 200,000 ("PROPOSED ACQUISITION")

YGL CONVERGENCE BERHAD

Type

Announcement
SubjectYGL CONVERGENCE BERHAD (“YGL” OR “COMPANY”)

PROPOSED ACQUISITION OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF SCS INFORMATION TECHNOLOGY (HK) LIMITED ("SCSHK") FOR A TOTAL CASH CONSIDERATION OF SINGAPORE DOLLAR ("SGD") 200,000 ("PROPOSED ACQUISITION")

Contents :

We refer to the announcement dated 24 April 2006 in relation to the above.


The Board of YGL is pleased to announce that Bank Negara Malaysia (“BNM”) has approved the Proposed Acquisition.

Pursuant to BNM’s approval letter, YGL is required to inform BNM prior to the payment of any balance consideration to be paid pursuant to the Proposed Acquisition in the event the total cash consideration of SGD200,000 is not fully paid within twelve months from the date of BNM’s approval letter. YGL is encouraged to repatriate all dividends, profits and/or any proceeds from selling the investment as soon as the payment of such dividends and/or profits is paid or when the investment in the shares of the overseas company is sold. In the event YGL places the said funds in an offshore account, YGL is required to submit a monthly offshore accounts statement (“Statement OA”) to Jabatan Perkhidmatan Statistik, Bank Negara Malaysia, not later than ten (10) days after the end of each reporting month.

This announcement is dated 17 May 2006.



Announcement Info

Company NameYGL CONVERGENCE BERHAD (MESDAQ Market) 
Stock Name YGL    
Date Announced17 May 2006  
CategoryGeneral Announcement
Reference NoO&-060517-61458


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