SINGAPORE (Apr 16): Neo Group announced that it will be acquiring a 51% stake in Lavish Dine Catering for $1.79 million.

Previously, the group was in exclusive talks for this proposed acquisition.

See: Neo Group in exclusive talks for proposed acquisition of caterer

The group intends to fund this acquisition by a combination of cash amounting approximately $1.4 million and the issuance of 566,666 new shares in Neo Group at 63 cents per share.

Neo Kah Kiat, founder, chairman and CEO of Neo Group says, “We continue to capitalise on our market-leading position in the Food Catering business by adding Lavish to our existing stable of brands. This also extends our existing clientele coverage to a niche and premium segment, enabling us to capture a wider spectrum of customers with varying requirements.”

Shares in Neo Group closed at 62 cents on Monday.