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GKE Corporation Acquires 70% Of Marquis Services For $2.9 Million
GKE Corporation has executed a definitive Sale and Purchase Agreement for the acquisition of a 70 percent stake in Marquis Services, for a consideration of $2.9 million.
Marquis Services is a company principally engaged in the business of providing stevedoring and lighterage services, freight forwarding, crating and the transportation of marine materials by sea.
The group will fulfill the consideration with $2.315 million in cash, which will be funded through internal resources and/or bank borrowings, as well as through an allotment of new shares or a transfer of treasury share at an issue price of $0.125 per share.
The group believes the business of Marquis Services is a good strategic fit to the group’s existing business in Singapore taking into account the synergy created by both the business and expects the acquisition to enable the group to bring in a stable stream of income and profits, as well as present an opportunity for the group to acquire a profitable company with viable business model and good management team.
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