Tri-M Technologies Mon said it will pay $203 m in a combination of cash and new shares to acquire Kingworld Resources Ltd., a private company under contract to develop an oil field in China.
Tri-M Technologies, which assembles circuit boards, will fund the purchase with $23 m in cash and 180 million new shares valued at $1.00 each, it said in a statement.
Tri-M shares were halted from trade last week, when they last changed hands at $0.995 each.
Kingworld Resources is now wholly-owned by Tri-M Executive Chairman Tiong Hiew King and Tiong Kiu King, the brother of another Tri-M executive.
Kingworld Resources signed a production sharing contract with China National Petroleum Corporation in Nov '07 to jointly develop an oil field in Jilin, China.
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