TMS

Type	:	Announcement
Subject	:	OTHERS
Description	:	Heads of Agreement between The Media Shoppe Berhad (“TMS”) and Open Adventure Sdn Bhd (“OASB”)
Announcement Details/Table Section : The Board of Directors wishes to announce that the Company had on 19 January 2012 entered into a Heads of Agreement with OASB, an Information Technology Solutions and related services provider. TMS sees synergistic value in OASB and is willing to acquire OASB after a due diligence is carried out to verify the representations including the accounts furnished by OASB. This Heads of Agreement is valid for 6 months and the validity term may be extended with mutual consent from both parties. Both parties are desirous of entering into more detailed definitive formal Agreement(s) setting out in detail the acquisition of OASB by the Company in the form of a Sale and Purchase Agreement (“Agreement(s)”) within six (6) months from the date of this Heads of Agreement.   None of the Directors and/or the substantial shareholders of TMS or any persons connected to them have any interest, direct or indirect in the said Agreement. The Company will make the necessary announcement for any further development pertaining thereto. This announcement is dated 19 January 2012.