Engineering firm Ever Glory has completed the acquisition of Guthrie Engineering (GESPL) for a total consideration of $31.53 million, according to a bourse filing on July 1.
The company says that GESPL has become a wholly-owned subsidiary of the company, and Tek Guthrie, an associated company of GESPL has become an associated company of Ever Glory.
The payment for the acquisition is to be made in two tranches, the first tranche with an amount of $1 million has been completed by way of cash on the completion date, and the remaining amount of $29.53 million will be made on or before the end of July.
The board of Ever Glory says that the payment for the acquisition in two tranches were a result of the sale and purchase agreement between the two entities being amended, after Jurong Town Council informed both parties that they will receive a consent letter with revised terms and conditions, and a variation of lease to reflect these changes.
Shares in Ever Glory closed flat at 45.5 cents on July 1.
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