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Broadway Industrial in M&A talks with 2 prospects

BROADWAY Industrial Group is in discussions with two prospects for possible merger and acquisition transactions as part of its ongoing strategic review, it said in a bourse filing on Thursday night.

Due to commercial sensitivity, details of the strategic review will be disclosed upon entry into definitive agreements with the potential partners, said the mainboard-listed precision manufacturer.

Its board said the strategic review will help diversify the company's business, enhance long-term interests of the group and improve shareholder value.

The company advised its shareholders and potential investors to exercise caution when dealing in its shares. There is no certainty or assurance that definitive agreements will be signed and/or the strategic review will result in a transaction.

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Separately, Broadway Industrial has made two key appointments in the past four months, hiring a CEO in August and a chief operating officer (projects) (COO) in September.

The COO is responsible for the group's diversification projects, including initiatives to expand the group’s capabilities, products and/or services and revenue streams.

Shares of the watch-listed firm closed unchanged at S$0.044 on Thursday, before the announcement.