Advanced Systems Automation to buy Auramas shares

The proposed acquisition offers an opportunity for the company and its subsidiaries to expand their customer base.

The board of directors of Advanced Systems Automation Limited announced that the company had, on 20 September 2012, entered into a conditional sale and purchase agreement with Cheah Siew In for the acquisition of its legal and beneficial interest in 45% of the issued shares in the capital of Auramas Teknologi Sdn. Bhd.

Auramas is a company incorporated in Malaysia with an authorised share capital of RM5 million and an issued share capital of RM1.5 million.

Auramas is primarily involved in the business of providing thermal coating, surface finishing of electronics products, and specialised electroplating of semiconductor products services.

The Directors believe that the proposed acquisition will extend the Group’s core competency in its Equipment Contract Manufacturing Service business as the principal activities of Auramas are complementary to the Group’s ECMS business.

The consideration for the proposed acquisition is RM7.7 million.