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8I HOLDINGS LTD — M&A Activity 2015
Jul 6, 2015
64264_rns_2015-07-06_f0dba640-45f5-4c80-8195-929eb42424f7.pdf
M&A Activity
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ASX ANNOUNCEMENT / MEDIA RELEASE
For Immediate Release
8I Holdings Limited (ASX: 8IH)
Acquisition of 8 Education Sdn Bhd
7 July 2015 Singapore
8I Holdings (ASX: 8IH) (“the Company”) advises that its wholly owned subsidiary, 8 Education Pte Ltd (“8E Singapore”) has completed a Sale and Purchase Agreement to acquire 100% stake in 8 Education Sdn Bhd (“8E Malaysia”) for a consideration of S$126,618, as part of the Company’s regional expansion plans. The purchase consideration were paid to the following individuals for their stakes in 8E Malaysia:
Yeow Hin Lai S$94,962.00 Chua Teik Gaik S$31,654.00 Chee Kuan Tat, Ken S$1.00 Clive Tan Che Koon S$1.00 ___________ S$126,618.00
8E Malaysia operates as an events management consultant and provides financial education and training seminars in major cities across Malaysia. 8E Malaysia has been operating in Malaysia since 2011 and has reported a revenue and a net profit in excess of S$900,000 and S$150,000 respectively, for the financial year ended 2015. In the balance sheet as at 30 June 2015, the net asset value and cash at bank totalled in excess of S$290,000 and S$550,000 respectively. The company does not have any borrowing and its liabilities include unearned revenue in excess of S$400,000. The unearned revenue represents revenue received from customers but not yet recognised to the profit and loss due to service not yet rendered as at reporting date.
Goldbell Towers, 47 Scotts Road, #03-03/04, Singapore 228233 | t +65 6225 8480 | f +65 6235 0332
The acquisition of 8E Malaysia is in line with the Company’s Value Investment strategy of investing in growth opportunities in the education market.
ENDS
For further information, please visit www.8iholdings.com
Media enquiries:
Zane Lewis
Australian Company Secretary 8I Holdings Ltd +61 8 6555 2950 / +61 400 007 900 [email protected]
Goh Yi Lin Investor Relations 8I Holdings Ltd +65 6225 8480 [email protected]
About 8I Holdings Limited
8I Holdings is the holding company of the 8I Group that is based in Singapore and operates an investment business in listed securities, real property developments, and a financial education and training seminar business. Our experiences as a financial education company focusing on investment techniques with “Value Investing” through our flagship “Millionaire Investor Program” has facilitated significant growth and established 8I Group as one of the leading financial education seminar operators with an investment business in Singapore.
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