WE Holdings to acquire four companies in Singapore and Malaysia

Singapore-listed electronics distributor WE Holdings said on Thursday it has agreed to acquire four companies in Singapore and Malaysia for a total of US$3.8 million ($4.9 million) to boost its electronic and component business unit.

It will buy SingYaSin Technologies, SCT Technologies, LSP Technology and LSP Advanced Sdn Bhd (LSP Malaysia).

SingYaSin is a wholesaler of scrap and junk and also makes and tests printed circuit boards, while SCT, a subsidiary of SingYaSin, makes and distributes universal bareboard printed circuit board testers.

LSP sells professional and scientific equipment and LSP Malaysia, an LSP subsidiary, sells and services reliability testing equipment.

The consideration for the acquisitions is based on net tangible asset valuation formulas, WE Holdings said in a statement.

For SingYaSin and SCT, the purchase will be funded half through cash and half through the issuance of new WE Holdings shares at 3.73 cents per share.

For LSP and LSP Malaysia, the acquisition will be paid for fully through the issuance of new WE Holdings shares at 3.73 cents per share.

WE Holdings shares were unchanged on Thursday morning at 34 cents.

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