TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS M3 TECHNOLOGIES (ASIA) BERHAD ("M3" OR "THE COMPANY") SETTLEMENT AGREEMENT ("SA") ON PROFIT GUARANTEE PAYMENT AND DISPOSAL OF 23.993% EQUITY INTEREST IN FOTOKEM SDN BHD ("FOTOKEM") BY M3 FOR A TOTAL CASH CONSIDERATION OF RM5,998,438 ("PROPOSED SETTLEMENT")

M3 TECHNOLOGIES (ASIA) BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
M3 TECHNOLOGIES (ASIA) BERHAD ("M3" OR "THE COMPANY")

SETTLEMENT AGREEMENT ("SA") ON PROFIT GUARANTEE PAYMENT AND DISPOSAL OF 23.993% EQUITY INTEREST IN FOTOKEM SDN BHD ("FOTOKEM") BY M3 FOR A TOTAL CASH CONSIDERATION OF RM5,998,438 ("PROPOSED SETTLEMENT")

The Board of Directors of M3 wishes to announce that the Company had on 7 June 2016 entered into a Settlement Agreement with Ngui Woon Kong, Wong Lim Patt @ Wong Lim Fatt, Thean Yoke Peng @ Theam Yoke Peng, Shum Hok Yein and Khoo Chee Kuen (collectively, "the 2nd Party") to settle the dispute arisen between the Company and the 2nd Party on the Share Sale and Purchase Agreement and the Profit Guarantee Agreement both dated 22 November 2013 and the Shareholders Agreement dated 18 June 2014 for a cash settlement sum of Ringgit Malaysia Five Million Nine Hundred Ninety-Eight Thousand Four Hundred and Thirty-Eight (RM5,998,438.00) only.

Further details of the Settlement Agreement are set out in the attachment.

This announcement is dated 7 June 2016.




Please refer attachment below.



Announcement Info

Company Name M3 TECHNOLOGIES (ASIA) BERHAD
Stock Name M3TECH
Date Announced 07 Jun 2016
Category General Announcement for PLC
Reference Number GA1-07062016-00040