LOGIC International Holdings has entered into a sales and purchase agreement to buy 60 per cent of the entire issued share capital of office furniture supplier Challenge Asia for $8.4 million. Under the terms of the agreement, the vendors - Yeunh Oi Siong, Alex, Springhill International Holdings and Robert William Thorssen - will receive about 5.79 million shares of Logic, about 2.8 per cent of the company's issued share capital. Challenge Asia has been a supplier of Logic and worked closely with the company in securing a number of contracts. Logic said the vendors were independent third parties and were not connected with the company or its directors.
