Advance SCT to buy 40% stake in M&E firm for $3.5 mil in pursuit of smart city ambitions

Stanislaus Jude Chan
Stanislaus Jude Chan1/30/2019 12:05 AM GMT+08  • 3 min read
Advance SCT to buy 40% stake in M&E firm for $3.5 mil in pursuit of smart city ambitions
SINGAPORE (Jan 29): Advance SCT has entered into a conditional sale and purchase agreement to acquire 40% stake in N&T Engineering Enterprises for up to $3.5 million.
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SINGAPORE (Jan 29): Advance SCT has entered into a conditional sale and purchase agreement to acquire 40% stake in N&T Engineering Enterprises for up to $3.5 million.

The purchase price will be fully satisfied via the issuance of new shares at 0.1 cent each.

The initial $2.8 million will be paid upon completion of the deal, while the remaining $0.7 million is to be paid when N&T Group – comprising N&T and newly-incorporated N&T Smart Engineering – achieves net profit after tax of at least $1.2 million for the full year ending Feb 28, 2019.

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