Ocean Sky to snap up remaining 70% stake in Ang Tong Seng

The purchase consideration is worth $22.8m.

Through a conditional sale and purchase agreement, Singapore-listed Ocean Sky International proposed to acquire the remaining stake in Ang Tong Seng Brothers Enterprises Pte Ltd.

The agreement is for the acquisition of the 70% stake of Ang Tong seng, representing 1.05 million ordinary shares of the engineering and construction company.

The group said the cash consideration of approximately $22.8 million shall be satisfied in full by the cash payment of $9.6 million to the vendors.

Meanwhile, the balance amount of approximately $13.2 million shall be satisfied by the allotment and issuance of over 100 million new consolidated shares by the company to the vendors at the issue price of S$0.132 per Consideration Share.

According to the group, the proposed acquisition is in line with the Company's strategy of expanding its core civil engineering and construction business.

The group noted that Ang Tong Seng "has a profitable business with strong operating track record that can contribute further to the Group's revenue and profits."