Advanced Integrated Manufacturing acquires Whampoa Drive minimart
This is its first foray into the business.
Advanced Integrated Manufacturing will acquire a minimart located at Whampoa Drive for a total consideration of $1 million, the company said in a release to the SGX.
This is the group's first foray into the minimart space. The consideration will be satisfied by paying $0.8 million in cash and transferring 333,334 treasury shares to the vendor at $0.60 per share.
The acquisition is expected to provide an additional revenue stream for the group, and is part of its strategy to diversify and strengthen its operations.