You are here

Ellipsiz buys 51% of engineering solutions firm AXIS-TEC for S$3.6m

MAINBOARD-LISTED Ellipsiz has expanded its foothold in the semiconductor and electronics industry by acquiring a 51 per cent stake in local engineering solutions firm AXIS-TEC for S$3.6 million, it said on Wednesday.

The sale comprises 33,674 new shares and 60,000 vendor shares. The vendors are AXIS-TEC founder and managing director Vincent Ong Sin Liang, and shareholders Loo Geak Kin and Chung Chiew Kit.

The remaining 49 per cent equity stake in AXIS-TEC continues to be held by Mr Ong and an existing shareholder, Low Chee Wee.

AXIS-TEC is in the business of designing and manufacturing of precision engineering solutions for automation in the electronics industry. Following the completion of the investment on Wednesday, AXIS-TEC has an issued and paid-up share capital of S$1.4 million.

Based on the financial statements of AXIS-TEC for the financial year ended March 31, it had a book value and the net tangible asset value of about S$1.8 million. No independent valuation was conducted.

Your feedback is important to us

Tell us what you think. Email us at

Following the completion of the investment, Mr Ong and Mr Low will remain as directors of AXIS-TEC. Ellipsiz will appoint three directors to the board of AXIS-TEC, as well as its board chairman.

Ellipsiz's purchase is fully satisfied by its internal resources.

Ellipsiz shares fell 1.5 Singapore cents or 3.61 per cent to S$0.40 on Wednesday before the acquisition was announced.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to