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PR Newswire
24-07-2019, 06:02 PM
ISOTeam strengthens commercial and retail fitting-out capabilities and enlarges regional presence with proposed acquisition of Pure Group
* Acquisition is earnings-accretive and will enable ISOTeam to offer its services to new overseas markets such as Philippines, China, Malaysia and Thailand.
* Entitles ISOTeam to earn-out payments if Pure Group achieves minimum profit after tax targets of S$3.0 million and S$5.0 million in FY2020 and FY2021 respectively.
ISOTeam Ltd. has entered into a conditional sale and purchase agreement with Coney International Ltd., for the proposed acquisition of six companies, collectively known as “Pure Group”. The purchase consideration will comprise a combination of 50% cash and 50% ISOTeam shares by way of non-listed transferable warrants.
Besides strengthening its existing capabilities, the proposed acquisition is a significant boost to ISOTeam’s overseas expansion plans. The Group currently has presence in Myanmar through ISOTeam (TMS) Myanmar Limited, which undertakes repairs and redecoration projects, and in Malaysia through ITG Projects Sdn Bhd, which is involved in interior design works.
Pure Group is principally engaged in the provision of project and construction management services, as well as commercial and retail fitting-out works in Singapore, Philippines, China, Malaysia and Thailand. It manages turn-key retail and commercial projects with services ranging from design management and project management to contract administration to risk and stakeholder management. Notable past clients include Integrated Resorts in Singapore, Vanguard Hotels across Southeast Asia, Swarovski SEA, IKEA Mega Bangna in Bangkok, Thailand, MYTOWN Shopping Mall in Kuala Lumpur, Malaysia, and Mosaic Shopping Mall in Xi’An, China.
The Conditional SPA covers Coney International’s entire equity interest in Pure Group, which comprises Pure Group (Singapore) Pte. Ltd. in Singapore (100%-owned), Pure Projects (Philippines) Inc in the Philippines (99.9%-owned), Pure Projects Construction Advisory Shanghai Co Ltd in China (100%-owned), Pure Projects Management Sdn. Bhd. in Malaysia (100%-owned), Pure Projects SEA Pte. Ltd. (100%-owned), and Pure Projects SEA Ltd in Thailand (49%-owned).
More details in :
1. https://links.sgx.com/FileOpen/ISOTeam%2...eID=571453
2. https://links.sgx.com/FileOpen/ISOTeam%2...eID=571452
* Acquisition is earnings-accretive and will enable ISOTeam to offer its services to new overseas markets such as Philippines, China, Malaysia and Thailand.
* Entitles ISOTeam to earn-out payments if Pure Group achieves minimum profit after tax targets of S$3.0 million and S$5.0 million in FY2020 and FY2021 respectively.
ISOTeam Ltd. has entered into a conditional sale and purchase agreement with Coney International Ltd., for the proposed acquisition of six companies, collectively known as “Pure Group”. The purchase consideration will comprise a combination of 50% cash and 50% ISOTeam shares by way of non-listed transferable warrants.
Besides strengthening its existing capabilities, the proposed acquisition is a significant boost to ISOTeam’s overseas expansion plans. The Group currently has presence in Myanmar through ISOTeam (TMS) Myanmar Limited, which undertakes repairs and redecoration projects, and in Malaysia through ITG Projects Sdn Bhd, which is involved in interior design works.
Pure Group is principally engaged in the provision of project and construction management services, as well as commercial and retail fitting-out works in Singapore, Philippines, China, Malaysia and Thailand. It manages turn-key retail and commercial projects with services ranging from design management and project management to contract administration to risk and stakeholder management. Notable past clients include Integrated Resorts in Singapore, Vanguard Hotels across Southeast Asia, Swarovski SEA, IKEA Mega Bangna in Bangkok, Thailand, MYTOWN Shopping Mall in Kuala Lumpur, Malaysia, and Mosaic Shopping Mall in Xi’An, China.
The Conditional SPA covers Coney International’s entire equity interest in Pure Group, which comprises Pure Group (Singapore) Pte. Ltd. in Singapore (100%-owned), Pure Projects (Philippines) Inc in the Philippines (99.9%-owned), Pure Projects Construction Advisory Shanghai Co Ltd in China (100%-owned), Pure Projects Management Sdn. Bhd. in Malaysia (100%-owned), Pure Projects SEA Pte. Ltd. (100%-owned), and Pure Projects SEA Ltd in Thailand (49%-owned).
More details in :
1. https://links.sgx.com/FileOpen/ISOTeam%2...eID=571453
2. https://links.sgx.com/FileOpen/ISOTeam%2...eID=571452
Specuvestor: Asset - Business - Structure.