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GSS Energy intends to acquire new business if deal with CEO goes through

The Edge Singapore
The Edge Singapore2/11/2020 07:11 PM GMT+08  • 1 min read
GSS Energy intends to acquire new business if deal with CEO goes through
“The team will keep its independent directors informed on the progress of the negotiation and seek their guidance, as appropriate,” said GSS Energy on Feb 11.
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SINGAPORE (Feb 11): GSS Energy intends to acquire other new businesses if the deal to sell its precision engineering unit to its group CEO Sydney Yeung goes through, so as to avoid being deemed a “cash company”.

If the deal goes through, GSS Energy will be left with a 20% stake in GSS Energy Trembul, which has interest in an oil field in Indonesia. GSS Energy, presumably, will only own the stake and not be actively involved in the operations of the field.

In response to a series of queries by the SGX, GSS Energy explains that Ng Say Tiong, the company’s CFO and executive director, will be the one representing the company in its negotiations with Yeung.

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