PTERIS Global has entered into a framework agreement that could result in a reverse takeover of a China-based airport ground handling company.
The company today signed a memorandum of understanding with China International Marine Containers and Shenzhen TGM to acquire their entire stake in Shenzhen CIMC-TianDa Airport Support.
The latter is mainly involved in the design, development, manufacture, installation and maintenance of passenger boarding bridges, ground support equipment and baggage handling systems.
It has businesses across 40 countries and regions.
A leading player, it is the first manufacturer in the world to produce passenger boarding bridge for the Airbus 380.
To pay for the purchase, Pteris Global intends to issue new shares to the sellers at 13 cents apiece.
Pteris Global shares rose 0.1 cent to 12.3 cents.