Stocks In Focus SG (Nordic Group, Raffles Education, Technics Oil & Gas) – 13/03/15

Nordic Group entered into a non-binding memorandum of understanding to fully acquire Austin Energy (Asia) for $26 million. Austin Energy is principally engaged in the provision of construction services including thermal insulation, fire proofing in the petrochemical, pharmaceutical and offshore industries. The group views that the acquisition will be synergistic to its existing businesses as well as an avenue to broaden its service offering. The acquisition will be financed through internally generated funds and bank borrowings.

Raffles Education Corporation via its subsidiaries, agreed to acquire the remaining 41.8 percent of share capital in Educomp-Raffles Higher Education for INR986.4 million (approximately $21.6 million). The target company was set up through a joint venture between Raffles Education and Educomp Solutions to launch campuses and learning centres in India. The company intends to fund the acquisition via a combination of bank borrowings and internal resources.

Technics Oil & Gas agreed to a sale and leaseback scheme with Soilbuild Business Space REIT for its property at 72 Loyang Way for $97 million. Under the scheme, the company will continue to operate at the property, where it will be leased for a period of 15 years at $7.9 million for the first year, subjected to a rental escalation of 2.3 percent per year after the third. The company will channel proceeds from the disposal into its general corporate funding requirements, working capital and capital expenditure.

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