The Board of Directors of the Company is pleased to announce that Jeco Pte Ltd (“Jeco”), a 70%-owned subsidiary company had on 29 December 2011, entered into the following agreements respectively in Germany for a total cash consideration of Euros (EUR) 3.20 million (approximately RM13,130,000.00) (“Total Cash Consideration”):

(a)            A Sale and Purchase Agreement with Mrs Christiane Brunk (“CB”) (“SPA”) for the purpose of acquiring the 49% equity interests in Braun Verwaltungs-GmbH (“Braun GmbH”) and Braun GmbH & Co. KG (“Braun KG”) respectively for a total cash consideration of EUR 980,000.00 (approximately RM4,021,000.00);

(b)            A Loan Receivable Sale Agreement with Sparkasse Rhein-Nahe (“Sparkasse”),  Braun KG (“Borrower”), CB, BRAUN BÜFFEL Retail GmbH & Co. KG (“BB Retail”),  BRAUN BÜFFEL Retail Management GmbH (“BB Retail GmbH”) and BRAUN BÜFFEL Suisse GmbH (“BB Suisse”) (collectively referred to the “Securities Provider”) for the purpose of restructuring the total debts of EUR3,150,000.00 owing by the Borrower to Sparkasse and to be settled by Jeco with a lump sum of EUR2,200,000.00 (approximately RM9,027,000.00); and

(c)            Trade Mark Purchase and Transfer Agreement with BRAUN BÜFFEL Markenverwertungs GmbH & KG (“BB KG”), Mr Karl-Heinz Braun (“Mr Braun”), Frau Liesel Braun (“Ms Braun”)  for the purpose of acquiring the trade mark “BRAUN BÜFFEL” that registered in United Arab Emirates (UAE), United State of America (USA) and Canada (“Trade Marks”) for a total cash consideration of EUR20,000.00 (approximately RM82,000.00 ).

Please refer to the attachment below for the full text of the announcement pertaining to the Acquisition.