Neo Group has inked deals with two food companies in a bid to acquire them.
The first is CT Vegetables & Fruits. Neo is acquiring 90% of the entire issued and paid-up share capital of CT Vegetables and its group of companies. The purchase consideration of CT Vegetables is $5.4 million.
CT Vegetables was established in 1991 and is involved in the trading of fruits and vegetables. CT Vegetables’s wide customer base includes various local hospitals, foreign cruise ships and ship chandlers.
Neo has also entered into an agreement with the existing shareholders of AMAX Foods for the proposed acquisition of 60% of the entire issued and paid-up share capital of AMAX. The purchase consideration of AMAX is $1.5 million.
AMAX was established in 2014 and is involved in the wholesale trading of frozen and chilled meats, as well as frozen poultry and lamb. Its customer base includes importers, wholesalers, food services providers and ship suppliers.
The completion of AMAX's acquisition is subject to Neo's acquisition of CT Vegetables. Upon the acquisition of CT Vegetables, Neo will transfer 25% of CT Vegetables to the existing shareholders of AMAX. Neo will then own 65% of CT Vegetables. Neo has three weeks to complete the acquisition of both AMAX and CT Vegetables, with an option to extend by mutual agreement of both companies.
Neo closed 0.65% higher at 78 cents.
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The first is CT Vegetables & Fruits. Neo is acquiring 90% of the entire issued and paid-up share capital of CT Vegetables and its group of companies. The purchase consideration of CT Vegetables is $5.4 million.
CT Vegetables was established in 1991 and is involved in the trading of fruits and vegetables. CT Vegetables’s wide customer base includes various local hospitals, foreign cruise ships and ship chandlers.
Neo has also entered into an agreement with the existing shareholders of AMAX Foods for the proposed acquisition of 60% of the entire issued and paid-up share capital of AMAX. The purchase consideration of AMAX is $1.5 million.
AMAX was established in 2014 and is involved in the wholesale trading of frozen and chilled meats, as well as frozen poultry and lamb. Its customer base includes importers, wholesalers, food services providers and ship suppliers.
The completion of AMAX's acquisition is subject to Neo's acquisition of CT Vegetables. Upon the acquisition of CT Vegetables, Neo will transfer 25% of CT Vegetables to the existing shareholders of AMAX. Neo will then own 65% of CT Vegetables. Neo has three weeks to complete the acquisition of both AMAX and CT Vegetables, with an option to extend by mutual agreement of both companies.
Neo closed 0.65% higher at 78 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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