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KLW Holdings Ltd Enters Into Non-Binding Term Sheet For The Proposed Acquisition Of Equity Interest In Wah Loon Group


Friday, 15 Nov 2013 04:49am EST 

KLW Holdings Ltd announced that it has entered into a non-binding term sheet dated November 15, 2013 with Mr. Alan Chong Sin Kiong (as vendors for himself and on behalf of others) in relation to a proposed acquisition by the Company of (i) at least 30% equity interest in Wah Loon Engineering Pte Ltd (Wah Loon) and certain of its subsidiaries (Initial Share Acquisition); and (ii) either by the Company itself and/or in collaboration with other third parties to acquire the remaining 70% equity interest in Wah Loon (Subsequent Share Acquisition, and collectively with the Initial Share Acquisition, the Proposed Acquisition). The Initial Share Acquisition and the Subsequent Share Acquisition are inter-conditional. The consideration for the initial share acquisition is SGD60 million to be paid in cash. The consideration for the subsequent share acquisition is SGD140 million and parties are to agree and finalise the terms of payment which may be a combination of cash and/or ordinary shares in the Company (if applicable). The definitive terms of the Proposed Acquisition are still being negotiated and subject to, inter alia, due diligence, fund raising by the Company, execution of definitive agreements as well as shareholders’ and regulatory approvals. 

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