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Elektromotive Group Ltd Signs MOU To Acquire 51% Equity In Asia Galvanizing Pte Ltd


Thursday, 15 Aug 2013 12:41pm EDT 

Elektromotive Group Ltd announced that it has entered into a binding Memorandum of Understanding (MOU) with various parties namely, MA Builders Pte Ltd (MAB), James Ang Nam Heng, Albert Ang Nam Wah, Yeong Zi Li and the shareholders of MAB (which includes Teh Kim Siew, MA Holdings Pte Ltd, Ang Ghee Ann, Yeong Chee Yeen, Yeong Chun Song) (collectively referred to as the Vendors) to acquire 51% of equity stake in Asia Galvanizing Pte Ltd (AGPL) (the Proposed Acquisition). Under the terms of the MOU, EGL will be acquiring an aggregate of 2,040,000 shares of AGPL for an aggregate consideration of SGD7,650,000 (the Purchase Consideration), which is based on an agreed valuation of AGPL at SGD15 million, arrived at on willing buyer willing seller basis. The Purchase Consideration will be fully satisfied in the following combination: Cash of SGD3.6 million (Cash Consideration), which will be funded from the Group’s internal working capital to be paid to the Vendors; and The issue and allotment of 162 million new shares in the share capital of EGL (Consideration Shares) at SGD0.025 per share, representing SGD4.05 million of the Purchase Consideration. AGPL is a Singapore based company that provides hot dip galvanising services to the building and construction, oil & petrochemical, marine offshore and general steel fabrication industries in Singapore. 

Company Quote

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0.0010 +9.09%
25 Aug 2014