GDS Global to Acquire Steel and Metal Works Companies for SG$30 Million; Shares Jump 24%

MT Newswires
12/02

GDS Global (SGX:5VP) agreed to acquire shares in Asiabuild Metal Engineering and Integrated Aluminium for SG$30 million, according to a Monday filing with the Singapore Exchange.

Shares of the manufacturer of industrial doors surged over 24% in Tuesday trading.

The consideration will be satisfied through allotment and issuance of up to 375 million shares at SG$0.08 per share.

As part of the acquisition, the company will also acquire a total outstanding debt of Integrated Aluminium of about SG$2.4 million at a fixed issue price of SG$0.08 per share.

The acquisitions are part of the company's proposed diversification strategy to secure a new revenue base and capture growth opportunities in other industries.

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