Ocean Sky seeks full ownership of 30% owned construction outfit

Singapore

FOUR years after Ocean Sky International picked up a 30 per cent stake in Ang Tong Seng Brothers Enterprises (ATS), the company plans to turn the construction outfit into a wholly owned unit by proposing to buy the remaining 70 per cent for S$22.8 million.

The proposed deal, an interested-person transaction, will be satisfied by S$9.6 million in cash and S$13.2 million via the issue of 100.2 million new consolidated shares of Ocean Sky at 13.2 Singapore cents per share, said Ocean Sky which at the start of this month had transferred to Catalist from the mainboard.