SINGAPORE (May 26): Wong Fong Industries, the provider of land transport engineering solutions and systems, announced Tuesday, that it has acquired HTMi Hotel and Tourism Management Institute (HTMi).

Wong Fong Industries’ subsidiary Ascendo International Holdings on Monday (May 25) entered into a sale and purchase agreement with Ian Robert James Larmour, the legal owner, as well as managing director and founder of HTMi Switzerland, to acquire 100% of the issued and paid-up share capital of HTMi.

Besides its original engineering business, Wong Fong is building up an education and training arm as well.

Under the agreement, Ascendo will be liable for all operational expenses of HTMi from April 1. The completion of the proposed agreement will take place after an academic cooperation agreement in relation to training and education, as well as global development agreement in relation to the international expansion of HTMi Switzerland, are fulfilled, among other conditions.

The aggregate consideration comes up to $150,000, which will be paid fully in cash on completion of the proposed acquisition, which is expected to take place on July 1.

A private educational institute for hospitality and tourism, HTMi offers higher education managerial programmes and courses to students around the world. HTMi, an exempt private company in Singapore, adopts its programmes and curriculums from its sister institute, HTMi Switzerland.

Based on its unaudited financial statements for the financial year ended March 31, 2020, HTMi recorded a net profit of $3.4 million, a net tangible liability of $17,000, and a net tangible liability value of $136,000. As of Tuesday, HTMi has an issued and paid-up share capital of $1.9 million comprising 1.9 million ordinary shares.

Larmour will be serving as consultant and advisor to HTMi after the acquisition.

As at 10.45am, Wong Fong Industries shares are trading flat at 14.5 cents.