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.
