Advanced takes big step towards new business
Engineering firm in oil and gas sector wins shareholders' okay to acquire minority stake in palm oil business
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Anita Gabriel
Singapore
SINGAPORE'S mainboard-listed Advanced Holdings' compass is finally set for a big turn towards palm oil after the engineering services and equipment provider for the oil and gas sector won shareholders' go-ahead last week to acquire a minority share of Indonesian-based Agricore Global for S$15 million.
This is a much downsized deal, riddled with delays and costs Advanced about ten times less than the original intent two years ago to acquire the oil-palm cultivator lock, stock and barrel via a reverse takeover (RTO).
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