Debt-laden Stratech agrees to private equity takeover

Singapore

THE Stratech Group has agreed to place out an eventual 58.4 per cent stake in itself to a private equity investor for US$20 million and to convert about S$8.75 million of loans into shares, the surveillance technology company announced on Wednesday after the market closed.

Under the deal, Stratech will place 406.06 million new shares at 6.6 Singapore cents apiece to Boulevard Capital Partners, whose fund focuses on infrastructure investments in Asia and South America.