Investor Relations - News
Completion Of Sale And Purchase Agreement
Further to the announcement made by the Directors of Metalock (Singapore) Limited (the "Company") on 23 October 2002, the Directors of the Company are pleased to announce that MTQ Engine Systems (Aust) Pty Ltd ("MTQES"), a wholly owned subsidiary of the Company, has today completed its purchase of the business assets of Turbo Torque Pty Ltd ("Turbo Torque") pursuant to the terms of the agreement dated 23 October 2002 made between Turbo Torque and MTQES.
The final cash consideration of A$531,341 has been paid by MTQES to Turbo Torque today, after taking into account the adjustments arising from the stock-take as well as provisions for employee leave entitlements.
BY ORDER OF THE BOARD
METALOCK (SINGAPORE) LIMITED
FONG CHOON SENG
COMPANY SECRETARY