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Halcyon Agri agrees to buy Singapore-based rubber distributor

Published on Aug 13, 2014 12:26 PM

SINGAPORE - Halcyon Agri Corporation, a Singapore-listed producer of natural rubber, said on Wednesday it has agreed to buy New Continent Enterprises.

Halcyon Agri signed a memorandum of agreement to acquire the Singapore-based rubber distributor and dealer, it said.

It will pay about US$30 million (S$37 million), with the final amount to be determined based on New Continent as at July 31.

Mainboard-listed Halcyon Agri will make the payments in four equal quarterly instalments in cash or in new shares at prices ranging from 90 cents to $1.80 per share.

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