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Dragon Group in S$6m deal to buy 30% stake in Heat Tech Japan

DRAGON Group International on Monday entered into a conditional agreement with Green Power Ventures to buy a 30 per cent stake in Heat Tech Japan Co (HTJ) for a sum of S$6 million.

Of this, S$2 million will be paid in cash and another 40 million company shares will be issued to Green Power Ventures at 10 cents apiece.

HTJ manufactures and distributes products relating to ceramics and carbon, and is also involved in the manufacturing and distribution of wind power-generation equipment.

Dragon Group said that the proposed acquisition gives it a stake in a company that has developed intellectual property in the field of heat-dissipating materials, which have a wide range of applications.

"Such intellectual property has the potential to be commercialised with further research and development work and marketing efforts. If successful, HTJ would be in a position to generate revenue and potentially profits for the group," Dragon Group said.