Tianci International, Inc. (OTC:CIIT) is building not only internally but the aggressive growth is also being fueled by acquisitions, the company is looking at many synergistic targets and Ezytronic with its big name clients and established multi million dollar business is set to be the first of many.
On October 29, 2018, the Board of Directors of Tianci International, Inc., a Nevada corporation (“we” or “us”), approved the acquisition of all of the issued and outstanding securities of Ezytronic Sdn. Bhd., a corporation organized under the laws of Malaysia (“EZY”) and engaged in the business of reselling computer equipment and accessories, in a share exchange transaction for a consideration to be mutually determined by the parties based upon a good faith valuation of the Company and EZY. The acquisition will be made in accordance with the terms of a nonbinding term sheet (“Term Sheet”).
Seven Hundred Thousand (700,000) ordinary shares of EZY, representing 70% of the issued and outstanding securities of EZY, are held by Mr. Tan Poh Hee, the father-in-law of Ms. Chuah Su Mei, our Chief Executive Officer and Director. Three Hundred Thousand (300,000) ordinary shares of EZY, representing 30% of the issued and outstanding securities of EZY, are held by Mr. Jerry Ooi Jau Long, our independent director.
The award winning Ezytronic Sdn Bhd was established in 2007 and quickly became one of Malaysia leading enterprise solution suppliers .
Next week we expect to see that deal set in stone and the legal and accounting work begin to bring the company under Tianci, the move will be step 1 in an extensive merger and acquisition path.
With the solutions provider onboard the rest of the acquisitions look easy and the ability to seamlessly integrate those business will be aided by the skill set acquired with Ezytronic.
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