Digilife Technologies Acquires Majority Stake in Brimax AAC Products for INR337 Million

MT Newswires

10/01

Digilife Technologies (SGX:BAI) agreed to acquire a 51% stake in Brimax AAC Products for 336.6 million Indian rupees, according to a Wednesday filing with the Singapore Exchange.

In addition to the consideration, Modi Aircrete, an Indian subsidiary, extended an unsecured short-term loan of 12.1 million Indian rupees, carrying an interest rate of 6.50% per year.

The move signals the company's intention to diversify into manufacturing, processing and distribution of construction materials.

The acquisition is expected to complete on or before Nov. 15, the filing added.

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