New Wave to acquire Alutech Metals Asiatic to expand aluminium business
New Wave Holdings has announced that it will acquire Alutech Metals Asiatic Pte Ltd as part of its efforts to develop and expand its aluminium product distribution business. The company also intends to tap marketing strength and customer network of Alutech Metals Asiatic in the PRC to strengthen its presence in the region.
The company has entered into a conditional sale and purchase agreement with two independent parties, Tan Suan and Hu Wing Ko, to acquire the entire share stake in Alutech Metals Asiatic.
Alutech Metals Asiatic was incorporated in Singapore with a wholly-owned subsidiary Alutech Metals Co., Ltd., incorporated in the People’s Republic of China. Alutech Metals Asiatic is an investment holding company and the PRC Subsidiary is involved in trading of aluminium alloy, steel, stainless steel and other metal products.
New Wave Holdings will purchase the entire stake in Alutech Metals Asiatic for $2.8 million. The completion date of the acquisition is expected to be no later than 30 June 208, New Wave Holdings said.
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