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Sunningdale Tech acquires precision manufacturer Adval Tech (Thailand)

PRECISION plastic component manufacturer Sunningdale Tech has acquired Adval Tech (Thailand), a company which manufactures and sells precision plastic components for electronic products, home appliances and the automotive industry.

Mainboard-listed Sunningdale Tech announced it had entered into a share purchase agreement with seller Adval Tech Holdings (Asia) for 400,000 ordinary shares, representing all of Adval Tech (Thailand)'s issued and paid-up share capital.

Under the terms of the agreement, Sunningdale Tech did not pay anything for the shares; instead it made a loan repayment of S$1.08 million to the seller as repayment of inter-company loans on behalf of Adval Tech (Thailand).

The consideration was funded by company resources and in cash.

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Based on audits, Adval Tech (Thailand)'s book value and net tangible assets amounted to 4.79 million baht, equivalent to S$200,287 based on an exchange rate of one baht to S$0.04184 as at Sept 4, 2018.

Sunningdale Tech's counter ended Tuesday flat at S$1.40 apiece.