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YGL CONVERGENCE BERHAD ("YGL" or "Company") ACQUISITION BY YGL OF 192,000 ORDINARY SHARES OF SINGAPORE DOLLAR ONE (S$1.00) EACH IN ELITUS ASIA PACIFIC PTE LTD ("ELITUS") REPRESENTING 60% OF THE ISSUED AND PAID-UP SHARE CAPITAL FOR A TOTAL CASH CONSIDERATION OF RM1.3 MILLION ("PROPOSED ACQUISITION")

YGL CONVERGENCE BERHAD

Type

Announcement
SubjectYGL CONVERGENCE BERHAD ("YGL" or "Company")
ACQUISITION BY YGL OF 192,000 ORDINARY SHARES OF SINGAPORE DOLLAR ONE (S$1.00) EACH IN ELITUS ASIA PACIFIC PTE LTD ("ELITUS") REPRESENTING 60% OF THE ISSUED AND PAID-UP SHARE CAPITAL FOR A TOTAL CASH CONSIDERATION OF RM1.3 MILLION ("PROPOSED ACQUISITION")

Contents :

We refer to the announcement dated 16 December 2005 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 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.

The Proposed Acquisition is currently pending the completion of the legal and financial due diligence audit and is expected to be completed in the second quarter of 2006.

This announcement is dated 29 March 2006.



Announcement Info

Company NameYGL CONVERGENCE BERHAD (MESDAQ Market) 
Stock Name YGL    
Date Announced29 Mar 2006  
CategoryGeneral Announcement
Reference NoCS-060328-62902


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