SINGAPORE (Nov 15): Envictus International says wholly-owned subsidiary, Polygold Holdings, is acquiring food processing and trading company in Malaysia, Motivage for RM24 million ($7.8 million).

The group will be acquiring about 14.8 million shares in Motivage, which represents 100% of the total issued and paid-up share capital, from directors of Motivage – Khor Sin Kok and Khor Guat Bee.

The group will satisfy RM5 million out of the total consideration in cash, while the remaining RM19 million will be satisfied by the allotment and issuance of an aggregate of about 15.8 milion shares in the capital of Envictus to the vendors.

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