AcroMeta Group 43F has announced the proposed disposal of its wholly-owned subsidiary Acromec Engineers for an aggregate consideration of $3.3 million.
On March 5, the company announced that it had entered into a sale and purchase agreement (SPA) with AESM Holdings for 100% of the issued and paid-up share capital of Acromec.
The subsidiary provides specialist engineering services in the field of controlled environments, and has an issued and paid-up share capital of $8 million comprising 8 million ordinary shares. Acromec recorded an FY2023 revenue of $66 million.
Meanwhile, AESM is 80% owned by Ingenieur Holdings shareholder Chew Chee Keong, with Lim Chee Leong and Anton Setiawan each holding 10% of the share capital.
The consideration for the proposed disposal represents approximately 577% of AcroMeta’s latest audited net tangible assets (NTA) for the FY2023 ended Sept 30, 2023, which came to $571,466.
Shares in AcroMeta closed 0.3 cents lower or 10.7% down at 2.5 cents on March 5.
