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Wong Fong takes 60% stake in hospitality consultancy and training group for S$4m
ENGINEERING solutions group Wong Fong Industries announced on Wednesday, after trading hours, that it has signed a sale and purchase agreement to acquire a 60 per cent stake in a hospitality consultancy and training group Ascendo International Holdings for S$4 million.
The amount will be satisfied by cash and by the issuance and allotment of new shares in the share capital of Wong Fong Academy, a subsidiary of Wong Fong Industries.
Upon completion of this acquisition, the two founders of Ascendo - Seah Boon Kheng and Tay Shau Yin - will hold a combined stake of 20 per cent in Wong Fong Academy's enlarged issued and paid-up share capital.
With the acquisition, Wong Fong group will be able to expand its training business. Wong Fong Academy currently offers 16 Workforce Skills Qualifications (WSQ) course modules, and upon completion of this acquisition, the group will be able to provide over 50 WSQ courses to the public.
The Ascendo Group offers hospitality consultancy and training in safety-related services, mainly in the areas of workplace safety, security, food hygiene, and food and beverage in Singapore and Myanmar.
Eric Lew, executive director of Wong Fong Industries, said: "As an enlarged training group, we will be able to achieve operational efficiencies through greater economies of scale and harnessing of synergies, especially in the areas of course administration, finance, management and development processes. The broader range of course offerings will now make it viable for us to evaluate and invest in new educational technologies to improve the overall technical learning experience."