SHS Holdings Overhauls Terms of Acquisition of Two Chinese Companies; Shares Down 7%

MT Newswires05-21 13:44

SHS Holdings (SGX:566), a producer and supplier of polyethylene and polypropylene compounds, updated terms to absorb 100% of the equity interests in two major Chinese manufacturing entities, according to a Wednesday bourse filing.

Shares of the company were down nearly 7% in Thursday trading.

Under the amendments, the company's subsidiary, SHS Capital, signed a fourth amendment letter to modify certain terms of the sale and purchase agreement for the acquisition of Guangxi Tidal Precision Technology and Nanning Tidal Aluminium.

SHS Capital will pay a final base price of 126.9 million yuan. This total value includes 97.1 million yuan for the actual value of the companies' assets, 4.8 million yuan in set-aside funds for employee benefits, and 25 million yuan for a government grant balance.

The consideration is subject to further adjustments under the agreement.

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