News
Fulfillment of Profit Guarantee in Relation To The Acquisition of Tp Concept sdn. Bhd. By pentamaster Equipment Manufacturing Sdn. Bhd., a Wholly Owned subsidiary of Pentamaster International Limited, Which In Turn Is A Subsidiary Of Pcb
| Type | Announcement |
| Subject | OTHERS |
| Description |
PENTAMASTER CORPORATION BERHAD ("PCB" OR THE "COMPANY")
FULFILLMENT OF PROFIT GUARANTEE IN RELATION TO THE ACQUISITION OF TP CONCEPT SDN. BHD. BY PENTAMASTER EQUIPMENT MANUFACTURING SDN. BHD., A WHOLLY OWNED SUBSIDIARY OF PENTAMASTER INTERNATIONAL LIMITED, WHICH IN TURN IS A SUBSIDIARY OF PCB |
References are made to (i) the announcements of the Company dated 26 September 2019 and 27 September 2019 in relation to the acquisition of 100% equity interest in TP Concept Sdn. Bhd. (“TP”) comprising 250,000 ordinary shares each fully paid up for a total purchase consideration of Ringgit Malaysia twenty one million (RM21,000,000) from the shareholders of TP (the “Vendors”) by Pentamaster Equipment Manufacturing Sdn. Bhd., a wholly owned subsidiary of Pentamaster International Limited, which in turn is a subsidiary of PCB and (ii) the announcement of the Company dated 25 February 2021 in relation to the extension of profit guarantee period (collectively, the “Previous Announcements”). Unless otherwise defined, capitalised terms herein shall have the same meanings as those defined in the Previous Announcements.
PROFIT GUARANTEE IN RELATION TO THE ACQUISITION OF TP
As disclosed in the Previous Announcements, pursuant to the SSA and the Supplemental Agreement, the Vendors have undertaken to the Company that the Aggregate Profit Guarantee has to be fulfilled within the Extended Profit Guarantee Period (the “Performance Guarantee”).
The Board of Directors of PCB is pleased to announce that the Aggregate Profit Guarantee has been fulfilled within the Extended Profit Guarantee Period and the Final Balance Release has been released to the Vendors. Therefore, the Performance Guarantee has been fulfilled.
This announcement is dated 15 March 2023.
Announcement Info
| Company Name | PENTAMASTER CORPORATION BERHAD |
| Stock Name | PENTA |
| Date Announced | 15 Mar 2023 |
| Category | General Announcement for PLC |
| Reference Number | GA1-15032023-00038 |