Aussino

Aussino: Announced its plans to buy Max Strategic Investments for $70m, payable in shares. Aussino is planning a 4-into-1 share consolidation and will issue 218.75m new consolidated shares to Max at an issue price of $0.32 each. Max Myanmar operates 21 petrol kiosks across key cities in Myanmar and plans to increase its number of petrol kiosks. Its energy business unit also has a strong retail presence and supplies to corporate clients in Myanmar. For FY12, Max Strategic recorded consolidated revenue of $93.2 m and a consolidated net profit of $5.2m. Aussino has also entered into a separate sale and purchase agreement with Samcorp Capital Corporation to sell all its stake in its wholly-owned subsidiary, Amici International Trade Inc, for $9.4m. Aussino will also allot and issue 4.38m new consolidated shares at the Issue Price to Mileage Communications for introducing the relevant parties and facilitating the proposed acquisition. After the various transactions, the sellers will hold 72.9% of the enlarged number of issued shares of Aussino. Aussino intends to seek shareholders' approval at an extraordinary general meeting to be convened.