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VGO Corporation has entered into a sale and purchase agreement to acquire Sky Win Management Consultancy Pte Ltd.
VGO Corp said the deal with the vendors, namely, Tan June Teng, Colin, and Tan Ping Huang, Edwin, involves the acquisition of entire issued and paid up capital in Sky Win at a purchase consideration to be determined at a mutually agreed date.
The purchase consideration will be satisfied by the allotment and issuance of new shares in VGO Corp.
VGO Corp also said the proposed acquisition, which may result in a reverse takeover, will be subject to the approval of Singapore Exchange (SGX) and the shareholders of the company at an extraordinary general meeting.
The acquisition is also conditional on Sky Win undergoing restructuring to hold directly or indirectly, the entire or issued paid up capital of five targeted subsidiaries. The five subsidiaries are: Hatten International Pte Ltd, Fuyuu Group Sdn Bhd, Fuyuu Resources Sdn Bhd, Fuyuu Venture Sdn Bhd and Gold Mart Sdn Bhd.
The board of VGO Corp is of the view that the proposed acquisition will enhance the long-term interests of the shareholders and help the company comply with SGX's minimum trading price requirement.