Autagco to Acquire Malaysian M&E Firm; Shares Soar 33%

MT Newswires07-31 11:44

Autagco (SGX:WNH) entered into a definitive share purchase agreement to acquire the entire issued and paid-up capital of Malaysia-incorporated Edge Green Energy from Chiong You Kwong for SG$603,500, according to a late Thursday filing with the Singapore Exchange.

Shares of the senior assisted living operator surged over 33% in Friday trading.

The consideration will be settled through a combination of cash and share issuance to Chiong at SG$0.005 each. The vendor is also eligible for earn-out consideration until July 2031, subject to Green Energy achieving a minimum net profit after tax of SG$250,000 each year.

Edge Green provides mechanical and electrical services in medical and general infrastructure projects. The acquisition is part of the company's strategy to identify new business opportunities and additional revenue streams.

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