OLS Enterprise to grab 51% stake in ACPAM

The stake buy will be worth $1.5m.

Investment holding company OLS Enterprise is trying to win more in the asset management field. It recently filed a proposal to acquire a 51% stake in Advance Capital Partners Asset Management (ACPAM) for $1.5m under Pine Partners Pte. Ltd.

Pine Partners currently holds 60% of the ACPAM stake while the latter's founder Choon Wee Tan has 40%.

OLS Enterprise previously cancelled the acquisition of manufacturing companies Malaysian Phosphate Additives Sdn. Bhd. and Venture Incorporation Public when the two failed to show due diligence according to the board’s standards.

In an official announcement, OLS executive chairman Koo Ah Seang stated, "The Board
has identified the financial services industry as an industry with good growth prospects and has
been actively pursuing acquisition opportunities in the said industry to bolster the Group’s
financial performance and create value for shareholders."

ACPAM has a net book value of around $500,000 and has a recorded net loss of $24,000 for the year.

Should the agreement reach completion, Pine Partners' stake will be cut down to 9%.