Mencast Holdings gets green light from SGX for acquisition of precision manufacturer
Mencast Holdings, which provides maintenance, repair and overhaul solutions, announced on Friday that it has received Singapore Exchange's (SGX) approval in-principle for a proposed acquisition.
The firm said on Nov 8 last year that it would acquire precision manufacturer Chinyee Engineering & Machinery, in exchange for new shares of Mencast Holdings.
It has obtained in-principle approval for the listing and quotation of 5.5 million consideration shares, and they will be allotted and issued at the issue price of 50 cents per share. The in-principle approval is subject to compliance with SGX's listing requirements.
The company will make a separate announcement when the shares are allotted and issued to majority vendors.