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IPS Securex to buy public address, security surveillance businesses for S$1.9m in cash
IPS Securex has agreed to buy two public address and security surveillance businesses for S$1.87 million in cash, which will be paid for using internal resources and bank loans.
IPS, a supplier of security equipment and services, will buy all of Yatai Security & Communications and Avac Systems from father-and-son owners Lim Ang Seng and the younger Lim Bang Quan. Both vendors will have to observe a three-year moratorium against potentially competing activities.
The businesses have been involved in various large scale projects such as the supply and installation of the public address system for the Kallang Paya Lebar Expressway and the upgrade and servicing of closed-circuit video systems at Raffles City. Yatai had net profit of S$828,000 in 2015, while Avac had a net loss of S$34,000.