Corporate digest

Neo Group

CATALIST-LISTED food solutions provider Neo Group has acquired a 51 per cent stake in Ye Liang How Catering Service Pte Ltd (How's Catering) for S$4.4 million, with the latter's existing owners to retain the remaining 49 per cent interest. The earnings accretive acquisition will be funded by a combination of S$3.6 million in cash and the issuance of 877,193 new shares at S$0.57 per share. An earn out consideration of S$0.3 million will also be payable, provided that How's Catering's aggregate consolidated net profit before tax for the 2019 to 2021 financial years, ended March 31 in each respective year, is more than S$4 million.

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