Conclusion of Capital and Business Alliance Agreement with Syntech Switchgear & Enginnering Pte. Ltd(Singapore)
2022/08/30
Conclusion of Capital and Business Alliance Agreement with Syntech Switchgear & Engineering Pte. Ltd. (Singapore)
We would like to inform you that we concluded a capital and business alliance agreement with Syntech Switchgear & Engineering Pte. Ltd (hereinafter, “Syntech”) on July 12, 2022. We have also agreed to transfer 70% of outstanding shares from Syntech to us. As a further notice, we are going to make Syntech a consolidated subsidiary by March 31, 2023.
Syntech has production bases in Singapore and Malaysia, and holds blue-chip customers in both the public and private sectors in Singapore. Therefore, we believe that making Syntech a consolidated subsidiary will further expand our business in Southeast Asia.
After acquiring shares, we can combine the strength of both companies in the fields of manufacturing and development. We also believe we can provide products and services with even higher value to our customers. Furthermore, in our ASEAN business, we will make endeavor to satisfy our customers through our products and sales in Singapore, Malaysia, Thailand and Vietnam.
Thank you for your continuing support.
Company Profile
| Name | Syntech Switchgear & Engineering Pte. Ltd. |
| Representative | Mr. Ang Sek Eng |
| Capital | S＄2,433,066 |
| Establishment | April 9, 2007 |
| Headquarters | 2 Woodlands Sector 1 #01-19 Woodlands Spectrum Singapore 737068 |
| Business Activities | Manufacturing and sales, maintenance of Power Distribution products |
| Number of Employees | 118 people ※July 2021 |
| Latest Sales | S＄35,556,082 ※fiscal year 2021 |
| Date of Share Purchase Agreement | July 12 2022 |
| Number of Share Acquired | 1,703,147（70％ of shares outstanding） |
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