KUALA LUMPUR, May 11 (Bernama) — In an announcement to Bursa Malaysia Securities today, Borneo Oil Berhad (Bornoil) said its indirect wholly-owned subsidiary, Borneo Energy Sdn Bhd (BOE), has entered into a sale and purchase agreement with Gold Billion Global Limited (GBG) for the disposal of technology assets and intellectual property rights for a total consideration of USD5 million.
In return, BOE would receive 166,666,667 new ordinary shares of Verde Resources Incorporated (Verde), a Nevada USA corporation listed on the OTCQB market. GBG is a wholly-owned subsidiary of Verde.
