News

Acquisition Of Kim Kang Aquaculture Sdn Bhd

On 20 January 2003, Qian Hu Corporation Limited (the "Company") announced that it has entered into an agreement (the "S&P Agreement") to acquire 65% equity control of a Malaysian fish breeding business, Kim Kang Aquaculture Sdn Bhd ("Kim Kang"), from Mr Goh Siak Ngan and Mdm Koh Guat Lee (collectively, the "Vendors") at the price of RM16,900,000 or approximately S$7,681,818 (the "Purchase Price") (the "Acquisition").

The Purchase Price shall be partially satisfied by the issue and allotment to the Vendors of 4,000,947 ordinary shares of S$0.10 each in the Company (the "Consideration Shares" and each, a "Consideration Share") at an issue price of S$0.96 per Consideration Share in accordance with the S&P Agreement. The issue and allotment to the Vendors of the Consideration Shares is subject to the approval of the Singapore Exchange for the listing and quotation thereof on the Mainboard of the Singapore Exchange.

The Company wishes to announce that it has today received in-principle approval from the Singapore Exchange for the listing and quotation of 4,000,947 Consideration Shares on the Mainboard of the Singapore Exchange (the "Additional Listing Application").

Kindly note that the approval from the Singapore Exchange for the Additional Listing Application is not an indication of the merits of the Acquisition.

A further announcement will be made when the Acquisition is completed in accordance with the S&P Agreement.


By Order of the Board


Kenny Yap Kim Lee
Executive Chairman and Managing Director