On September 23, GeLongHui reported that SIS INT'L (00529.HK) announced that on September 22, 2024, the buyer (SiS Distribution Limited, a wholly-owned subsidiary of the company) and the seller had entered into a sale and purchase agreement, whereby the buyer conditionally agreed to acquire and the seller conditionally agreed to sell the sale shares, i.e., 100% of the issued shares of the target entity OneT Solutions Pte. Ltd., at a price of 4.165 million Singapore dollars (equivalent to approximately 24.99 million Hong Kong dollars).
Within 7 days after completion, the target entity needs to issue 0.2143 million new shares (approximately 30% of the expanded issued shares of the target entity) to Mr. Teh Kim Chan at 1 Singapore dollar as part of his remuneration under the employment agreement, while the company will indirectly hold approximately 70% of the target entity's expanded issued shares. Therefore, the target entity will become a subsidiary indirectly held by the company at around 70%.
The target entity OneT Solutions Pte. Ltd. mainly provides quality technology information solutions and consulting and execution services in Singapore, including business consulting services to enhance enterprise productivity and profitability. The acquisition is consistent with the group's strategy of strengthening its distribution business by providing consulting services to corporate clients. The board of directors believes that the acquisition will create synergies in the group's regional distribution business. In addition, the overall expertise and industry connections of the target entity will enable the group to more effectively respond to market demands, address evolving customer needs, and seize timely market opportunities.
