Time Interconnect Technology Limited (TIME INTERCON) has completed its major and connected transaction to acquire the remaining 51% equity interest in Time Interconnect Singapore Pte. Ltd., turning the Singapore entity into a wholly owned subsidiary.
All conditions precedent under the sale and purchase agreement were fulfilled, and completion occurred on 31 July 2026. The company paid an initial cash consideration of US$12.70 million (approximately HK$98.81 million) to the vendor at closing.
The consideration is subject to post-completion adjustment:
• Within two months, the parties will determine the Target Group’s Completion NAV based on audited IFRS financial statements. • If the Completion NAV exceeds the Initial NAV, Time Interconnect will pay the vendor 51% of the excess; if lower, the vendor will reimburse 51% of the shortfall. • Any adjustment will be settled in cash within ten business days after agreement on the Completion NAV. • The total consideration is capped at US$40.00 million; any upward adjustment will be reduced to keep the overall payment within this limit.
Following the transaction, Time Interconnect now owns 100% of the Target Company, and the Target Group’s financial results will be fully consolidated into the group’s financial statements. The company will issue a further announcement once the final consideration is confirmed.
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