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Neo Group makes its first Strategic Acquisition

Vincent Chia
Neo Group makes its first Strategic Acquisition

Neo Group Limited announced that it has acquired a 55% stake in Thong Siek Holdings Pte Ltd. Thong Siek is in the business of manufacturing seafood-based products such as the DoDo brand fishballs, crabsticks and other surimi-based products. It has 2 production facilities in Senoko, Singapore and Johor Bahru, Malaysia. Its products are sold in Singapore and Malaysia and distributed to 22 countries worldwide. Purchase consideration is $7.35 million and will be payable part in cash and part in new shares. Going forward, Neo Group is looking to consolidate operations to achieve cost synergies. It will also launch a premium line of frozen food products targeting corporate customers.

GET TO THE POINT : Sounds like an interesting strategic acquisition. There are good revenue and cost synergies to exploit.

(Picture from Neo Group Limited)

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