BRC Asia Completes Acquisition of 19.9% Stake in Angkasa Daehan Steel

MT Newswires09-02

BRC Asia (SGX:BEC) has completed the acquisition of 4.6 million ordinary shares, representing a 19.9% stake in Angkasa Daehan Steel, according to a Friday filing on the Singapore Exchange.

The acquisition follows an amended agreement that revised the purchase price to SG$17.9 million. This adjustment reflects the net tangible assets of the target as of March 31, with potential further adjustments based on post-completion valuations.

Despite the revised consideration, the transaction is not expected to significantly impact BRC Asia's net tangible assets per share or earnings per share for the current financial year ending Sept. 30, 2024.

Post-acquisition, Daehan holds the remaining 80.1% of Angkasa Daehan's share capital. BRC Asia and Daehan have also entered into a shareholders' agreement to govern their relationship with the target.

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