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Vibrant acquires Blackgold International for A$37.6m
VIBRANT Group announced on Thursday it has acquired ASX-listed Blackgold International Holdings at an aggregate purchase consideration of A$37.6 million (S$40 million).
The acquisition, which was done by way of a scheme of arrangement, provides an opportunity for the group to expand its logistics business into commodity logistics and trading business, it said in a filing on Singapore Exchange.
Blackgold, China-based producer of thermal coal predominantly sold to power plant customers in China, is now a wholly owned subsidiary of the group and the existing management team will continue to lead the business.
The group expects a significant one-off gain in excess of S$100 million from the acquisition of Blackgold on a provisional basis based on the unaudited net assets value as at April 30, 2017, of about A$205.6 million.
Consequently, this gain will be accreted to the earnings of the group in the current financial year 2018.