Karce Int'l buys Dongguan Tehsutec at $10 million

Karce International (1159) announces that it intends purchase the entire interests in the Dongguan Tehsutec Electronic Co. Limited at a consideration of approximately $10 million. Part of the consideration will be settled by issuing new shares at $0.4 per share. The new shares represent 3.6% of the enlarged issued share capital. The placing price represents a premium of 17.6% of yesterday's closing price of $0.34. The cash consideration will not exceed $2 million. Dongguan Tehsutec's net asset value as at 30 June 2001 was $9.9 million, and this will become the basis of the acquisition consideration.

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