GKE acquires 70% stake in Marquis Services

SINGAPORE - Mainboard-listed GKE Corporation Ltd will acquire a 70 per cent stake in marine logistics service provider Marquis Services for S$2.94 million, the company said in a release on Monday.

GKE Corp will pay S$2.315 million in cash for the acquisition while the remaining S$625,000 will be issued through an allotment of new shares or a transfer of treasury shares at an issue price of S$0.125 per share.

The agreement "will not only bring an immediate boost to the Group's earnings.. but also strengthen GKE's core warehousing and logistics business capabilities, expanding our offerings into marine logistics services and chemical warehousing," GKE Chief Executive Officer Mr. Neo Cheow Hui said.

Singapore-based Marquis is primarily engaged in the business of providing chemical warehousing, stevedoring and lighterage services, crating and transportation of marine materials by sea, the company release said.