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SECURITY solutions provider Secura Group said on Friday that its wholly-owned subsidiary Soverus Technology Pte Ltd had, on Thursday, entered into a sale and purchase agreement to acquire Red Sentry Pte Ltd for S$2.7 million.
Secura, which made its debut on the Catalist board of the Singapore Exchange in January, said that the cybersecurity business of Red Sentry will complement and further boost the group's existing cybersecurity business, enlarging its market share in Singapore.
The proposed acquisition will be funded through Secura's internal resources and is slated for completion on June 30, 2016.
Red Sentry is a wholesaler of information technology products, including the provision of cybersecurity solutions, secure cloud solutions, and enterprise security and compliance solutions. No independent valuation was conducted on Red Sentry, Secura added.
Secura had requested for a trading halt in its shares before Friday's market open. It has, as at 10.35am, asked the trading halt to be lifted.