Isoteam completes acquisition of Rong Shun Engineering

ISOTEAM said it completed its acquisition of Rong Shun Engineering & Construction on Thursday and has paid S$3.68 million in cash to the vendor.

The company also said that it has submitted the request to transfer 3.9 million first tranche consideration shares to the vendor to the Central Depository Pte Ltd in accordance with the terms of the agreement.

These shares will be placed under moratorium for one year from the completion date - initial moratorium - and half of the consideration shares will be placed under a further one year moratorium after that.

As a result, Rong Shun is now the company's wholly owned subsidiary.

Isoteam shares closed unchanged at 40.5 Singapore cents on Thursday.