Grand Venture Technology makes 2 acquisitions totalling $20 million

Lim Hui Jie
Lim Hui Jie12/17/2021 4:50 PM GMT+08  • 2 min read
Grand Venture Technology makes 2 acquisitions totalling $20 million
GVT expects the acquisition to contribute to its revenue streams, and give it more capability to build a sustainable business.
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Precision manufacturing solutions provider, Grand Venture Technology plans to acquire two other companies for $20 million: precision engineering firm J-Dragon Tech (Suzhou) and precision sheet metal manufacturer Formach Asia

“The acquisitions will add breadth and depth to our existing capabilities, and bring us a step closer to realising our vision of being a leading global player in the provision of precision manufacturing services,” says GVT chairman Ricky Lee.

GVT will acquire J-Dragon by paying $8 million in shares plus $4.2 million in cash. Following the acquisition, J-Dragon founder Lee Lee Boon Kwong and director Eng Pau Yuen will each hold 1.02% of GVT.

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