XMH signs MOU for 80% stake in Z-Power

XMH Holdings, a diesel engine provider for the marine and industrial sectors, yesterday said it has inked a memorandum of understanding (MOU) for an 80 per cent stake in Singapore's Z-Power Automation for S$13.2 million.

The MOU was signed with several parties: BH Global Corporation, Ang Cheng Siew, See Hoon, Tang Hing Yiu and Tai Mui Foong.

Under the terms of the MOU, the consideration will be paid in two tranches, with the first tranche of S$10.56 million to be paid shortly after the completion of the acquisition, and the second tranche of S$2.64 million to be paid on the first year of the completion of the acquisition.