On 12 April 2006, Tomoike Industrial (H.K.) Limited ("Hong Kong Tomoike") entered into a Sale and Purchase Agreement with Mr. Kunikazu Yoshimi, Mr. Koichi Urano, Mr. Hiroshi Sayama, Mr. Masaaki Suga, Mrs Toyoko Yoshimi and Mrs Aiko Yoshimi to acquire the entire issued and paid-up share capital in Tomoike Industrial Co., Ltd ("Japan Tomoike"), comprising of an aggregate of 116,800 shares, in two tranches.
On 1 July 2006, the transfer of 60,000 shares in Japan Tomoike, being the First Tranche Sale Shares, to Hong Kong was completed and fully settled in cash.
On 29 September 2007, the Company allotted 18,405,221 Consideration Shares at the pre-determined issue price of S$0.26 each to Mr. Kunikazu Yoshimi in satisfaction of the Second Tranche Consideration Amount for the remaining 56,800 shares in Japan Tomoike. |