Contel Corporation acquires Update Electronics (Hong Kong)

The acquisition was completed on 30 August 2012.

The Board of Directors of Contel Corporation Limited announced the completion.

Meanwhile in connection with the company’s announcement on 27 August 2012 about the grant by the SGX-ST of its approval-in-principle for the listing and quotation of the 45 million acquisition consideration shares on the official list of the SGX-ST, the company has clarified with the SGX-ST that the conditions of the grant of the AIP are: (a) compliance with the SGX-ST’s listing requirements; and (b) completion of the acquisition prior to expiry of the general share issue mandate granted by the company’s shareholders at its Annual General Meeting on 29 July 2011.

Contel Corporation said the AIP granted by SGX-ST is not to be taken as an indication of the merits of the acquisition, the acquisition consideration shares, the company and/or its subsidiaries.