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Libra completes S$12m purchase of tourism business, geared at diversification shift
LIBRA Group, which provides mechanical and electrical engineering services, on Wednesday said it has completed its S$12 million acquisition of a 51 per cent stake in a Malaysia-based tourism and retail-related business from its company's CEO.
The company said in a press release that this charts "a new asset-light growth diversification strategy".
It has acquired YC Capital Consolidated from the company's executive chairman and CEO, Chu Sau Ben, in an all share transaction. YC Capital is a travel and tour agency service in Malaysia that also sells local herbal products, bird's nest, coffee, chocolates and mattresses.
Libra will recognise nine months of revenue and profit from YC Capital for fiscal 2018. In fiscal 2017, Libra posted a net profit of S$1.6 million on the back of S$70.5 million revenue.