Mencast Holdings has entered into a binding term sheet with Stone Marine Overseas and Langham Industries to buy Stone Marine Singapore.
The offshore & engineering, marine and energy services provider will pay around $2.5 million less the aggregate amount of all of Stone Marine's outstanding debt.
Stone Marine makes and repairs marine propellers, associated stern gear and seals. UK-based Langham is Stone Marine's parent company.
Under the deal, Mencast will be granted an exclusive territorial licence to make propellers, associated stern gears and HydroSeals under the "Stone Marine" and "Stone Marine Seals" brands for the Asia Pacific, excluding China and Korea. It will also be granted a shared territorial licence for the Middle East, China, India, the Netherlands, Pakistan, Russia, Korea and Africa (excluding South Africa).
Mencast will pay a royalty fee and purchase propeller designs from Langham.
Mencast shares ended 5% higher at 21 cents.
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The offshore & engineering, marine and energy services provider will pay around $2.5 million less the aggregate amount of all of Stone Marine's outstanding debt.
Stone Marine makes and repairs marine propellers, associated stern gear and seals. UK-based Langham is Stone Marine's parent company.
Under the deal, Mencast will be granted an exclusive territorial licence to make propellers, associated stern gears and HydroSeals under the "Stone Marine" and "Stone Marine Seals" brands for the Asia Pacific, excluding China and Korea. It will also be granted a shared territorial licence for the Middle East, China, India, the Netherlands, Pakistan, Russia, Korea and Africa (excluding South Africa).
Mencast will pay a royalty fee and purchase propeller designs from Langham.
Mencast shares ended 5% higher at 21 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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