Company announcements: TEKSENG

TEKSENG - MEMORANDUM OF UNDERSTANDING

Announcement Type: General Announcement

Company Name	TEK SENG HOLDINGS BERHAD
Stock Name	TEKSENG
Date Announced	11 Sept 2014
Category	General Announcement
Reference No	CC-140911-63462

Type	Announcement
Subject	MEMORANDUM OF UNDERSTANDING
Description	TEK SENG HOLDINGS BERHAD (“TEK SENG” OR “THE COMPANY”) - MEMORANDUM OF UNDERSTANDING BETWEEN TEK SENG AND SOLARTECH ENERGY CORP
The Company is pleased to announce that TEK SENG and its 86.1% owned-subsidiary TS Solartech Sdn Bhd had, on 11 September 2014 entered into a Memorandum Of Understanding (“MOU”) with Solartech Energy Corp. (“SEC” or the “Investor”) for the purpose of a strategic alliance between the parties whereby the Investor is proposing to invest in TS Solartech Sdn Bhd. SEC is a public company listed on Taiwan Stock Exchange with its registered office at No.16, Guangfu N. Rd., Hsinchu Industrial Park, Hukou, Hsinchu 303, Taiwan. SEC had reported a consolidated revenue of NTD5,340,039,000 (equivalent to USD178,836,000) and a profit before tax of NTD238,234,000 (equivalent to USD7,977,000) for the first half of the financial year 2014. Established in Taiwan in 2005, SEC is one of the pioneers in the solar PV industry. It was founded by a group of enthusiasts with the vision of creating a better environment through the use of solar energy. SEC is principally engaged in the manufacturing of solar cells in Taiwan. It provides multi-crystalline and mono-crystalline solar cells, solar modules and systems. Salient terms of the MOU are as follows:- (i) The Investor intends to invest RM100.0 million in TS Solartech Sdn Bhd. (ii) The parties shall negotiate the terms of the proposed investment in good faith. (iii) The MOU shall lapse if the parties are unable to finalise the terms of the proposed investment. None of the Directors and major shareholder(s) of TEK SENG or any persons connected to them have any interest, direct and indirect in the MOU. The MOU is available for inspection by shareholders of TEK SENG at the registered office situated at 51-21-A, Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050 Penang during office hours from Mondays to Fridays (except public holidays) for a period of 3 months from the date of this announcement. This announcement is dated 11 September 2014.

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