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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Morgan Stanley strategists see inflation as key for path of US stocks
US: Wall Street opens higher as rate-cut hopes linger
Tyson raises outlook as lower costs boost chicken segment
US dollar soft on renewed Fed rate cut bets; yen on back foot
Possible class action lawsuit against Cordlife by customers could take at least 2 years
SAP extends CEO Klein’s contract until 2028