Transcu Group inks reverse takeover deal on Straits Construction
Published on Apr 21, 2014 1:37 PM
Biotech firm Transcu Group has inked a conditional sale and purchase agreement for the proposed takeover of Straits Construction Group.
The agreement's purchase consideration is expected to be between $325 and $338 million, and will be agreed on by Transcu and Straits Construction on a "willing-buyer willing-seller" basis, the firm said on Monday.
Transcu's annoucement came after it signed a memorandum of understanding with Straits Construction to inject the construction firm into its business in February.
The purchase amount will be financed by the allotment and isssuance of new and ordinary shares at 50 cents apiece, representing not less than 79.89 per cent of the company's enlarged share capital, said Transcu.
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