Natural Cool Holdings
Air-conditioning company Natural Cool Holdings is moving into the food and beverage business through a deal to acquire two snack manufacturing businesses for $980,000 in cash via a new subsidiary, the company announced yesterday before the market opened.
Natural Cool has put up $80,000 for an 80 per cent share in newly incorporated SFB Holdings. The remaining 20 per cent of SFB Holdings is held by Mr Leong Yew Meng, who also controls privately held Yummy YM and SFB Global. Yummy YM makes and sells cooked-food snacks such as pumpkin cakes and traditional Chinese dumplings, while SFB Global makes and sells soft drinks, bread, cakes, confectionery, mineral water and soya bean beverages.
SFB Holdings will acquire the businesses and relevant assets of Yummy and SFB Global from both companies for $980,000 in cash. Natural Cool, but not Mr Leong, will provide SFB Holdings with a shareholders' loan to finance the acquisition and provide working capital to SFB Holdings.
Mr Leong is an independent third party and, upon completion of the transaction, will be in the key management team of SFB Holdings and assist in the running of the business, Natural Cool said.
The purchase price reflects the earnings potential of the acquired businesses as well as the value of the assets, which have been independently assessed to be worth $762,200, the company said.
Real estate solutions company Boustead Projects yesterday said its wholly owned subsidiary Boustead Projects E&C has won a contract worth over $70 million to design and build an integrated advanced high-tech manufacturing facility in Singapore.
The facility will have a gross floor area of approximately 36,300 sq m and is expected to be completed by the second quarter of next year. It will expand the client's existing operations in Singapore.
The contract brings the group's order book backlog to approximately $741 million. The backlog comprises unrecognised project revenue remaining at the end of December last year plus the total value of new orders secured since then.
Mr Thomas Chu, managing director of Boustead Projects, said the latest contract award consolidates the company's competitive edge as a local leading progressive builder for high-end, Industry 4.0-ready industrial facilities. It also extends its track record in the technology industry to over 440,000 sq m.