Advanced Systems Automation has entered into a conditional sale and purchase agreement (SPA) with Samuel Ong Chee Ming, Roland Ong Toon Wah and Alan Leung Wing Lun for the 100% acquisition of Excelgames Interactive Asia Holdings for a base consideration of $120 million.

Of the amount, $114 million will be satisfied through the allotment and issuance of new shares in the capital of Advanced Systems at the implied issue price of about 16.33 cents per share.

The implied issue price is calculated based on a formula (see below).

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook