Neo Group in talks to acquire shares in ER Marketing, Ever Rich

CATERING firm Neo Group Limited has on Thursday entered into an exclusive negotiation agreement in relation to the proposed acquisition of shares in ER Marketing (S) Pte Ltd (ERM) and Ever Rich Pte Ltd, the company said in a Singapore Exchange filing on Thursday.

Under the agreement, the potential vendors and the two companies have agreed to provide Neo Group with an exclusive period from Thursday to Aug 31, 2018 for negotiations relating to the proposed acquisitions.

The agreement, however, will terminate when a definitive agreement in relation to the proposed acquisition is signed or when the exclusive period expires, whichever is earlier.

ERM is primarily involved in the import and export of food products such as raw condiments, as well as fruits and vegetables for wholesale and retail businesses, with garlic, onions, potatoes and dried chillies as its core products.

Ever Rich owns and operates warehouses and cold rooms of various temperatures for storage of food products such as garlic, onions, potatoes and dried chillies. ERPL also provides storage services of food products to third party customers (other than ERM), and will be branching into the processing of meat and vegetables.