Nordic Group Ltd proposed acquisition of entire issued and paid-up share capital of Austin Energy (Asia) Pte Ltd
Nordic Group Ltd:Says it’s wholly-owned subsidiary, Nordic Flow Control Pte Ltd, on March 12 enters into non-binding memorandum of understanding with David Tan Choon Watt, Tay Alice and Lyanne Tan Rui Lin to acquire entire issued and paid-up share capital of Austin Energy.Purchase consideration for proposed acquisition shall be S$26.0 mln.Says S$15.0 mln will be paid upon completion of proposed acquisition, S$5.5 mln will be paid within six months from completion and S$5.5 mln, within twelve months from completion.Proposed acquisition will be financed through combination of internally generated funds and bank borrowings.
