HLI signs sale & purchase deal with Deltrone Investments for Mpi Polyester Industries

27 May '05

3 min read

mpipi was incorporated in malaysia on 27 october 1992 with an authorised share capital of rm50,000,000.00 divided into 49,000,000 ordinary shares of rm1.00 each and 10,000 redeemable preference shares of rm100.00 each of which 40,000,000 ordinary shares of rm1.00 each and 6,800 redeemable preference shares of rm100.00 each have been issued and fully paid-up.

mpipi is a licensed manufacturing company and is principally involved in the manufacturing of polyester (“pet”) resin.

the audited net tangible assets of mpipi as at 30 june 2004 is rm42,404,000.00. the audited profit after tax of mpipi for the financial year ended 30 june 2004 is rm988,000.00.

deltrone was incorporated in the british virgin islands on 1 march 2005 with an authorised share capital of usd50,000.00 divided into 50,000 ordinary shares of usd1.00 each of which 10 ordinary shares of usd1.00 each have been issued and fully paid-up.

deltrone is principally an investment holding company.

details of the proposed disposal
the total consideration of rm22,800,000.00 was arrived at on a willing buyer willing seller basis. pursuant to the spa, the consideration of rm22,800,000.00 will be payable in the following manner:
i) upon the execution of the spa, a sum of ringgit malaysia two million two hundred and eighty thousand (rm2,280,000.00) only; and
ii) the balance of the consideration of rm20,520,000.00 on the completion date as stipulated in the spa ionly; and