SIS International Holdings' Subsidiary to Acquire 100% Stake in OneT Solutions

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SIS International Holdings' Subsidiary to Acquire 100% Stake in OneT Solutions

MT Newswires Live2024-09-23

SIS International Holdings' (HKG:0529) subsidiary SiS Distribution agreed to acquire 100% of the issued shares in OneT Solutions for SG$4.2 million from Lim Siang Hoe Benny, Ooi Boon Hock Edmund, and Teh Kim Chan, a Monday filing with the Hong Kong Exchange said.

As part of the deal, after the completion of the acquisition, 214,285 new shares in OneT Solutions, 30% of the enlarged issued shares, will be issued to Teh Kim Chan at SG$1.0 as part of his remuneration as the target entity's chief executive officer as per his employment agreement with the target entity.

After the completion and the issue mentioned above, the target company will become a 70% indirectly owned subsidiary of the technology products distributor.

The acquisition will be funded by the group's internal resources.

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