CATALIST-LISTED investment holding company Transcorp Holdings said it will buy 88.5 per cent of Regal Motors for up to S$20 million.
Regal Motors is a parallel importer and an authorised distributor of Lorinser brand of automobiles.
The proposed acquisition is Transcorp's first move into the automobile industry.
The net profit of Regal for its 2015 financial year ended Sept 30, 2015, was S$2.36 million, on S$14.3 million of revenue. For the year, the company sold 99 vehicles and held an inventory of 92 vehicles.
Transcorp last traded at S$0.133.