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HELP INTERNATIONAL CORPORATION BHD HELP (7236)

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last updated: 23-Oct-2017 4:56 PM
Company: HELP INTERNATIONAL CORPORATION BHD
Date Announced: 27-Jan-2011
Subject: HELP INTERNATIONAL CORPORATION BERHAD ("HELP" or "the Company") - ACQUISITION AND SUBSCRIPTION OF SHARES IN BRIDGE2THINK AG
Content: The Board of Directors of HELP is pleased to announce that HELP has entered into the following agreements on 27 January 2011:- (1) Share Purchase Agreement (“SPA”) with certain individuals to acquire 4,500 shares in Bridge2think AG (“B2T”) for a total purchase consideration of Swiss Franc 92,250/- (*equivalent to RM298,890/-); (2) Subscription Agreement (“SA”) with B2T to acquire 8,711 treasury shares and 7,312 new shares from B2T for a total purchase consideration of Swiss Franc 328,471.50 (*equivalent to RM1,064,248/-); and (3) Shareholders’ Agreement with the shareholders of B2T. B2T is a company incorporated in Switzerland on 26 April 2002 with authorised and paid up share capital of Swiss Franc 100,000/- (*equivalent to RM324,000/-). B2T is a global learning solutions group with operations in Australia, Germany and the United Kingdom with its headquarter in Basel, Switzerland. The investment into B2T will provide HELP with a vehicle to align itself as a strategic partner in the e-learning education sector. This opens opportunities for further expansion to deliver its portfolio of products ranging from training programmes to development of human capital to higher education. This is envisaged to complement and strengthen HELP’s position in enhancing its global competencies and accelerating its growth. Upon completion of the SPA and the SA, HELP will hold approximately 19.1% equity interest in B2T. Subject to the fulfilment of the conditions precedent stated in the SPA and SA, the transaction is expected to be completed in the first quarter of 2011. The acquisition and subscription in B2T will not have any material effect on the earnings and net assets of HELP for the financial year ending 31 October 2011. None of the directors, major shareholders or persons connected with the directors and/or major shareholders of HELP has any interest, direct or indirect in the above companies. *Assumption - Exchange rate of Swiss Franc 1/- = RM 3.24. The announcement is dated 27 January 2011.
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