Annica to acquire remaining shares in subsidiary IES for S$660,000

ANNICA Holdings Limited on Thursday said it has entered into conditional sale and purchase agreements with Pek Seck Wei and IPCO International Limited to acquire the remaining 218,900 shares in Annica's subsidiary Industrial Engineering Systems Pte Ltd (IES).

Mr Pek and IPCO are the other shareholders of IES.

The 218,900 shares, representing 21.89 per cent of IES' one million total issued shares, will be acquired for S$660,000.

Annica is embarking on a restructuring of its business activities. "The proposed acquisitions will allow the company to make IES its wholly owned subsidiary and will assist in the more efficient allocation of the company's available resources," Annica said.