The Board of Directors (the “Board’) of Advancer Global Limited (the “Company”, and together with its subsidiaries, collectively the “Group”) wishes to announce that:
(1) The Company had on 29 December 2017, made payment of the remaining 90% of the Consideration amounting to S$3,346,650 for its 20.1% effective stake in Chiang Kiong Group. Tee International and the Investor have paid the remaining consideration for their respective stakes of 50.1% and 29.8% as well. Accordingly, the Acquisition has been completed.
(2) Following the completion of the Acquisition, G3 Environmental Private Limited (“JV Co”) has been incorporated to hold the entire shares of Chiang Kiong Group. The aggregate value of Consideration was paid to the Vendors by the Company via a shareholder’s loan to the JV Co.
The principal activities of the JV Co is to engage in commercial and industrial real estate management and recycling of metal waste and scrap. The payment of the remaining S$3,346,650 and the subscription of shares in the JV Co are satisfied by way of cash and funded through internal resources as well as the net proceeds raised from the placement issue that was completed on 17 May 2017 (the “Net Placement Proceeds”).
The above use of the Net Placement Proceeds is in accordance with the use of proceeds from the Placement as stated in the announcement dated 2 May 2017.