UE E&C gets 90% stake of APG Geo-Systems
The deal was worth approximately ~S$4.9m.
According to OCBC, UE E&C has entered into a sale and purchase agreement with shareholders of APG Geo-Systems Sdn Bhd (APG) to acquire a 90% stake for RM12.3m (~S$4.9m) in cash.
Here's more from OCBC:
The selling shareholders are UED Developments Sdn Bhd (an indirectly wholly owned subsidiary of United Engineers Limited) - 60%, and three unrelated third party individuals – 30%. APG is a geo-technical foundation engineering company in Malaysia with more than 20 years of experience.
APG recorded net profit of S$292k for FY11 and its net asset value is expected to be not less than RM15m (S$6m).