SINGAPORE (Sept 5): Sunningdale Tech on Tuesday acquired Adval Tech (Thailand) Company from seller Adval Tech Holdings (Asia).

See also: Why Koh Boon Hwee fired himself at Sunningdale Tech

Sunningdale is one of the leading manufacturers of precision plastic components. The group focuses on serving four key business segments – automotive, consumer/IT/environment, healthcare and tooling.

It has manufacturing facilities in various countries, including in Rayong Province in Thailand.

Sunningdale says the target company engages in a similar business and operates a manufacturing plant in the same Thai province.

The acquisition was completed on Tuesday and Sunningdale now owns 100% of the issued and paid-up share capital of the Adval Tech (Thailand).

Under the sale and purchase agreement, Sunningdale agreed to acquire the target on a cash-free and debt-free basis. Under the deal, the amount paid by Sunningdale for the sale shares was “nil” and a sum of $1.08 million approximately was paid by the company to the seller as repayment of intercompany loans on behalf of the target, upon completion of the acquisition.

Sunningdale says the consideration was determined based on arms' length negotiations and arrived at on a willing-buyer and willing-seller basis.

Based on the audited accounts of the target for the financial year ended Dec 31 2017, the book value and NTA of Adval Tech (Thailand) amounted to approximately THB4,786,984 ($200,287).

Year to date, shares in Sunningdale have fallen nearly 30% to $1.40 on Tuesday close.