Travelite Holdings announced on March 24 that it has entered into a sale and purchase agreement to acquire a 40% stake in a music company, Funkie Monkies Ventures from the major shareholders of Funkie Monkies.
The acquisition price is based on a formula but is likely to be no higher than $2.4 million, and no lower than $688,000. The proposed acquisition is subject to shareholders approval.
In the announcement, Travelite says the proposed acquisition is for diversification. Travelite is a distributor of travel-related accessories, menswear and ladies fashion.
