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KS Energy Limited has acquired the 20 per cent stake that it does not already own in Ocean Offshore Engineering (OOE) for S$2.34 million in cash through a unit, KS Marinehub.
With the acquisition, OOE becomes wholly-owned by KS Distribution, which is 55.35 per cent owned by KS Energy. KS Distribution's subsidiaries trade in hydraulic products, hardware products and also manufacture industrial equipment for the marine and oil and gas industries.
The consideration was agreed based on the audited profit before tax for the last three years; the 20 per cent interest in OOE had a net asset value of S$1.2 million as at Sept 30, 2015. KS Energy does not expect the acquisition to have any material impact on its net tangible assets or earnings per share for the financial year ending Dec 31, 2015.