Tiger Brokers

Autagco Seeks to Acquire Yess Ventures for Up to SG$15 Million; Shares Surge 25%

MT Newswires
7 hours ago

Autagco (SGX:WNH) signed a non-binding memorandum of understanding with Stanley Li and Karen Loh to acquire the entire share capital of Malaysia-based Yess Ventures Enterprise, according to a Monday filing with the Singapore Exchange.

The proposed consideration is between SG$12 million and SG$15 million and is subject to negotiation and valuation.

About one-third of the consideration will be paid through the issuance of new shares at SG$0.08 apiece and one-third will be through a convertible loan from the vendors, convertible at SG$0.01 per share.

Yess Ventures owns two commercial shophouses in Iskandar Puteri Johor and a property earmarked for a 12-story nursing home.

Shares of the company surged over 25% in Tuesday trading.

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