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Koon Holdings Ltd Announces Completion Of Acquisition Of A Joint Venture Company


Friday, 22 Nov 2013 04:19am EST 

Koon Holdings Ltd announced that with reference to the announcement made on May 13, 2013, in relation to, inter alia, the investment by the Company‚Äôs wholly owned subsidiary, Econ Precast Pte. Ltd. (the Investment) in 50% of the issued and paid-up share capital of Sindo-Econ Pte. Ltd. (Sindo-Econ). The Company now announced that the acquisition of a joint venture company, PT Sindomas Precas (PT SP), an Indonesian entity engaged in the business of concrete precast operations (the Acquisition), has been completed. Following the Acquisition, the Group has an effective interest of 50% in PT SP. Sindo-Econ, a 50%-owned joint venture company of the Group with Intan Overseas Investments Pte. Ltd., a wholly-owned subsidiary of ASL Marine Holdings Ltd. (ASL), holds 90% of PT SP, and Econ Precast Pte. Ltd holds 5% of PT SP. The total cash consideration for the Acquisition paid by Sindo-Econ, Intan Overseas Investments Pte. Ltd. and Econ Precast Pte. Ltd amounted to IDR1 billion, equivalent to approximately SGD108,000. As the structure of the Joint Venture had not been finalised then, the Waiver permits the Company to defer seeking shareholder approval for the general framework of the Joint Venture until its AGM for the financial year ending December 31, 2013. 

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27 Aug 2014