GTT acquires Singapore-based marine tech firm Ascenz

GTT acquires Singapore-based marine tech firm Ascenz

Photo: Bloomberg

Shipping firm GTT has acquired 75 per cent of the share capital of Singapore-based Ascenz from founders Chia Yoong Hui and Sia Teck Chong and from several investment funds. Financial terms of the deal were not disclosed.

Completion of the transaction, which is funded in cash, is subject to the satisfaction of conditions precedent and should occur in the near future. The two co-founders of Ascenz will retain 25 per cent of the share capital and continue to manage the company.

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