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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.
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.