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Creative
Technology Acquires Equity Stake in Trek 2000
Both
companies will now have the ability to share their
capabilities and sales and marketing network
SINGAPORE,
(6 July 2004)
– Mainboard listed engineering solutions provider, Trek 2000
International Ltd ("Trek" or "the Group") today
announced the proposed placement of 27,500,000 new shares to
Creative Technology Ltd ("Creative").
This
placement represents about 10.01% of the existing issued share
capital of Trek as at the date of this announcement. The new shares
will be placed to Creative at a price of $0.675 per new share
subject to the approval-in-principle of the SGX-ST for the listing
and quotation of the new shares. The issue price of $0.675 per share
represents a premium of approximately 6.7% to the weighted average
price for trades done for Trek's ordinary shares on the Official
List of the SGX-ST of $0.6325 per share on 1
July 2004.
The
completion of the subscription for the New Shares is subject to the
approval in-principle from the SGX-ST. When allocated and issued,
the new shares will rank pari passu in all respects with the
existing ordinary shares of Trek except that they will not rank for
any dividend, right, allotment or other distributions, the record
date for which falls on or before the date for completion of the
issue of the new shares.
Commenting
on the placement today, Mr Henn Tan, Executive Chairman and CEO of
Trek said: "This is a synergistic move for both companies as it
allows us to tap into each others' strengths. The establishment of
this handshake will allow Creative to tap into Trek's solutions and
our library of intellectual property assets. Correspondingly, Trek
will now have access into Creative's global sales and marketing
network, bringing the Group further onto the global platform."
Creative
is the latest to join the list of new shareholders in Trek. On 23
April 2004, TEAC Corporation, Japan acquired 5,000,000 shares
representing an equity interest of about 1.8% and Toshiba
Corporation, Japan acquired an additional 7,600,000 shares raising
its equity stake in Trek from 3.41% to 5.86%.
About TREKSTOR USA, Inc.
TREKSTOR USA, Inc. and its parent company TREK 2000 INTERNATIONAL LTD offer state-of-the-art design solutions ranging from portable storage devices, digital audio and video products to sophisticated ASIC design - all catering to the fast changing digital industry. TREK has offices all over the world including the U.S., Malaysia, Thailand, India, Hong Kong and Singapore to serve the rapidly expanding markets in all regions. A public company on the Singapore Stock Exchange (SGX: TREK), TREK 2000 INTERNATIONAL LTD is named by Forbes Global as one of the Best Small Companies in the World for 2000. TREK 2000 INTERNATIONAL LTD is also ranked as the Best Managed Small Company in Singapore by AsiaMoney (of Euromoney).
For more information, visit http://www.thumbdrive.com
and
http://www.trekstorusa.com.
Trekstor USA Contact:
TREKSTOR USA, Inc., Livermore
info@trekstorusa.com
Press Contacts:
Trek 2000 International
Shirley Tan
shirley@trek2000.com.sg
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