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Friday, June 17, 2011

HeiTech Padu subscribes for 9% of Grand-Flo’s new shares (Edge)

HEITECH PADU BHD [] has subscribed for a 9.01% stake in GRAND-FLO SOLUTION BHD [] or 14.36 million shares, increasing its shareholding to 13.02% as it seeks to venture into the enterprise data collection system.

HeiTech Padu said on Friday, June 17, it subscribed for the placement shares of par value of 10 sen each at an issue price of 43 sen for RM6.17 million cash, which would be financed from its own funds.

“The acquisition is part of HeiTech’s plan to venture into value added business of research and development in enterprise data collection and collation system,” it said.

Grand-Flo specialises in the provision of these automated identification system solutions to businesses in all industries.

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