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Provider: Thomson Reuters Stock Report

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Ocean Sky International Ltd Announces Acquisition Of Ang Tong Seng Brothers Enterprises Pte Ltd

Monday, 29 Oct 2012 06:51am EDT 

Ocean Sky International Ltd announced that the Company has entered into a conditional sale and purchase agreement dated October 29, 2012 (the Agreement) with Mr Ang Boon Cheow Edward, Mr Ang Boon Chong and Mr Wong Siew Hui (collectively, the Vendors), pursuant to which the Company has agreed to acquire 30% of the issued share capital of Ang Tong Seng Brothers Enterprises Pte. Ltd. (ATS) from the Vendors for an aggregate cash consideration of S$3,053,255 (the Acquisition). ATS is a civil engineering and construction company which operates primarily in Singapore. Established in 1981, ATS has a track record of more than 30 years in the provision of engineering services such as earthwork, roadwork, drainage work, basement work and structural works involving demolition and underground infrastructure as well as other general building works. Subject to the terms and conditions of the Agreement, the Company has agreed to purchase and the Vendors have agreed to sell a total of 450,000 shares of ATS (the Sale Shares), representing 30% of its issued share capital, free from encumbrances and together with all rights, dividends, benefits and entitlements attaching thereto, for an aggregate cash consideration of SGD3,053,255 (the Consideration), representing a purchase price of approximately SGD6.785 per Sale Share. The Company intends to use internal sources of funds to finance the Consideration payable to the Vendors. 

Company Quote

0.0010 +0.83%
19 Sep 2014