Aussino Group has announced the proposed acquisition of the entire issued share capital of Max Strategic Investments.
An investment holding company incorporated in Singapore, Max Strategic will acquire from Max Myanmar Co., the rights, title, interests and benefits in and to all the assets and resources employed by its energy business unit in the operation of petrol kiosks in Myanmar for $70 million.
The acquisition will be satisfied by the issue of 218.75 million new consolidated shares (which will be issued after the completion of the proposed share consolidation of every 4 existing shares into 1 consolidated share) to Max Myanmar at 32 cents each.
Max Myanmar currently operates a total of 21 petrol kiosks across various key cities in Myanmar including, Mandalay, Naypyitaw, Bago, Ayeyarwady and Yangon. It plans to increase the number of petrol kiosks it owns and operates in Myanmar. In addition to a strong retail presence, the energy business unit also supplies to corporate clients in Myanmar.
Separately, Aussino has agreed its entire stake in Amici International Trade Inc, a wholly-owned subsidiary of the company, to Samcorp Capital Corporation for $9.4 million.
For the financial year ended 31 March 2012, Max Strategic recorded an unaudited pro forma consolidated revenue of $93.2 million and a consolidated net profit after tax of $5.2 million.
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