Inari plans share issue to part finance Amertron Global purchase (0166)

KUALA LUMPUR: Inari Bhd plans to issue 84.2 million shares worth about RM30.3mil to fund 10% of its sales and purchase agreement with Amertron Inc (Global) Ltd for US$32mil (RM101.8mil).
Inari,
an electronic manufacturing services provider, will also issue 11.52
million redeemable preference shares with 34.6 million free five-year
warrants, anticipated to raise about US$11.52mil (RM36.6mil).
Shareholders will be entitled to two free warrants every rights share subscribed.

[You must be registered and logged in to see this image.] Inari managing director Dr Tan Seng Chuan Inari managing director Dr Tan Seng Chuan said on Monday that under the agreement, the remaining 90% to be satisfied in cash, was expected to be completed in six months.
"The
enlarged group will create new opportunities such as increasing our
network operations, diverse range of customers and better cost
efficiency.
"Following the agreement, Amertron Global will be
our wholly-owned subsidiary, and it will require about a year for us to
digest the acquisition," he told a press conference after the signing
of the sales and purchase agreement.
Amertron Global, which
specialises in manufacturing of optoelectronic modules with final
products include LED displays and fibre optic modules, owns three
plants, two in the Philippines and one in China.
Amertron Global President and Chief Executive Officer Richard Wang
said the company produced 500 million parts yearly on its total
operations area of 27,870.912 square metres (300,000 square feet).
For
the financial year ended Dec 31, 2011, Amertron Global's adjusted net
tangible assets stood at US$32mil, while turnover touched US$120.8 mil.
- Bernama