Singapore listed crushed limestone producer GCCP Resources will fully acquire Indonesian palm oil producer, Arjuna Utama Sawit, for S$220.25 million ($160 million) while Q&M Dental Group is selling 36 per cent stake in Aidite (Qinhuangdao) Technology for S$49 million ($35.6 million).
GCCP Resources to acquire Indonesian palm oil producer in RTO deal
Singapore-listed crushed limestone producer GCCP Resources will acquire Indonesian palm oil producer, Arjuna Utama Sawit, for S$220.25 million ($160 million), via a reverse takeover deal, according to a stock exchange announcement.
The acquisition will result in a reverse takeover of GCCP Resources, which is now listed on the Catalyst board. The two parties have entered a non-binding MoU following GCCP’s board reshuffle on October 1, 2019.
The transaction will be paid through the issuance of 3.67 billion GCCP shares at the price of S$0.06 per share to the sellers namely Premier Palmoil Energy and Oilim Agriculture.
Arjuna Utama Sawit owns 53,00 hectares of palm oil plantations in Central Kalimantan province, Indonesia.
Q&M Dental Group sell 36% in Aidite Technology
Singapore Mainboard-listed Q&M Dental Group is selling 36 per cent stake in its China-based associate company Aidite (Qinhuangdao) Technology for S$49 million ($35.6 million), according to a stock exchange announcement.
The Aidite Technology stake is being acquired by China-based Suzhou Junlian Xinkang Venture Capital Partnership, and three Hong Kong-based firms, namely, Health Advance Limited, Schroder Adveq Asia Hong Kong I and ASP Hero SPV.
Following the deal completion, Q&M Dental Group will retain 12.3 per cent stake of Aidite Technology through its subsidiary Q&M Aidite International (QMAI). Currently, the company owns 48.2 per cent in Aidite Technology.
Q&M Dental Group will use part of the proceeds for working capital and business expansion needs.
The completion of this transaction will be subject to approval from shareholders in an extraordinary general meeting.
