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.
