This printed article is located at http://telechoice.listedcompany.com/news.rev
TeleChoice International Limited ("TeleChoice") wishes to announce the acquisition of 100,000 shares (representing 5.3% of the paid-up capital) of TeleChoice (Indonesia) Pte Ltd ("TIPL") from Messrs Herman Janto with effect from 30 April 2006. The consideration for the acquistion, which was agreed on a willing-buyer and willing-seller basis, is S$120,000.
TIPL, which is engaged in the trading and distribution of mobile handsets and devices for the Indonesian market, has a paid-up share capital of S$1.9M comprising 1,900,000 TIPL shares. Prior to this transaction, TeleChoice held 1,800,000 TIPL shares, representing 94.7% of TIPL's paid-up share capital. The remaining 100,000 TIPL shares (representing 5.3% of TIPL's paid-up share capital) were held by Messrs Herman Janto.
As a result of this transaction, TIPL is now a 100% subsidiary of TeleChoice. The transaction is not material in the context of TeleChoice's overall financial position or operations.