ISOTeam, which provides building maintenance and estate upgrading services, is proposing to acquire Rong Shun Engineering and Construction for $6.45 million.
Rong Shun provides electrical works such as installation and provides fire alarm and security systems. The company said the acquisition would complement its existing capabilities in addition and alteration works, upgrading and renewable energy installation.
Upon completion of the deal, Rong Shun will be the sixth company acquired by ISOTeam since its initial public offer in July 2013.
About 57 per cent of the purchase will be funded in cash amounting to about $3.68 million, while the remainder will be funded through the transfer of treasury shares in the capital of ISOTeam.
Alpha Energy Holdings
Investment firm Alpha Energy said the loan repayment terms for its borrowings from ING Capital has been changed.
The loan, which was granted in July 2015, was supposed to in September this year. However, as the company had not received the tax credits from the Alaskan state government by Sept 30 last year, the maturity of the repayment of draws from the loan was adjusted to Dec 31 last year, a deadline that was negotiated in September.
The firm announced a new deal with ING Capital yesterday, under which the maturity date was adjusted to March 31. It said it would continue to discuss with ING Capital to align the repayment with the payment of the tax credits it expects to receive.
The firm focuses on the Mustang project covering an area of 3,108ha on the North Slope of Alaska.
Catalist-listed property investment group Imperium Crown made an announcement yesterday regarding irregularities related to its dividend of 0.1 cent per share for the period ended Dec 31, 2015.
Legal advisers appointed to advise the company on the irregularities said the company's previous directors may have breached the Companies Act.
The matter has been reported to the appropriate authorities. The board added that it is seeking advice on the company's right of recourse.