Enviro-Hub enters sale-and-purchase agreement for Pastel Glove

ENVIRO Healthcare, a wholly-owned unit of Enviro-Hub Holdings, has entered a sale-and-purchase agreement for its planned acquisition of the remaining 75 per cent stake in an associate, Pastel Glove, for S$46.8 million.

The mainboard-listed company previously disclosed on May 21 that it would pay S$23.4 million in cash for Pastel Glove, and issue 292,500,000 new shares at S$0.08 apiece. There will be a one-year moratorium for the shares.

In a Thursday bourse filing, Enviro-Hub said that it will finance the consideration and other fees with internal funds and revenue. As at end-2020, it had a cash balance of S$17.3 million. The company said that the proposed deal would not adversely affect operations.

Enviro-Hub had called for a trading halt on Tuesday this week, and asked for the halt to be lifted on Thursday night.

Shares of the company last traded at S$0.084 before the halt.