Pteris to buy rest of Tianda for $41.3m

Move is part of its RTO by the maker of passenger boarding bridges

Published Thu, Nov 28, 2013 · 10:00 PM
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LOSS-MAKING mainboard-listed airport logistics services company Pteris Global released more details of its reverse takeover (RTO) by passenger boarding bridge manufacturer Tianda Group yesterday.

It will acquire the remaining 30 per cent of Tianda from Shenzhen TGM, the management company of Tianda, for $41.3 million, or 208.4 million yuan at an agreed exchange rate of 5.05 yuan to one Singapore dollar.

This is in addition to the 70 per cent of Tianda to be acquired from China International Marine Containers (Hong Kong) for $96.3 million, announced in July after a conditional sales-and-purchase agreement was made. Valuer Jones Lang LaSalle will value Tianda and issue a report in due course, Pteris said.

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