AcroMeta, a diversified engineering and investment holding company, has entered into a sale and purchase (SPA) agreement with Altea LSI Asset Management for the disposal of all its sale shares in Life Science Incubator Holdings.
The Singapore-based company’s shares in Science Incubator Holdings equates to a 70% stake in the company, according to the press release.
Further, under the SPA the ‘proposed disposal’ has a purchase consideration of $2.7m and upon completion, LSI will cease to be a subsidiary of the AcroMeta group.
However, the ‘proposed disposal’ will be made conditional upon approval by the shareholders of AcroMeta at an Extraordinary General Meeting ("EGM") to be convened in due course.
Under the SPA the ‘proposed disposal’ has a purchase consideration of $2.7m
Executive Director of AcroMeta, Lawrence Toh, said: “The Proposed Disposal follows a strategic review of the Company's long-term strategy and will enable AcroMeta to unlock value for future growth.
"We have determined that the Group's resources and management efforts would be better directed towards other potential business opportunities in mineral sands trading."
Following the ‘proposed disposal’ the AcroMeta Group’s subsidiary AcroMeta Minerals has entered into a non-binding memorandum of understanding (MOU) with Constance Holding to further collaborate in mineral sands trading.
Constance Holding is a Malaysia-based holding company that is currently involved in supplying sand for major land reclamation projects across major infrastructure developments in Malaysia.
The Singapore-based company’s shares in Science Incubator Holdings equates to a 70% stake in the company
This latest development comes after AcroMeta entered a non-binding, non-exclusive MOU with PT Swadaya Buana Makmur for the supply of high-grade silica sand from West Kalimantan, Indonesia.
The AcroMeta Group is also actively engaged in negotiations with potential international buyers, with formal off-take agreements anticipated in the near future.