Natural Cool (SGX:5IF) agreed to acquire the remaining 49% stake it does not own in engineering services provider iFocus from its shareholders, Ng Choon Tiong and Kuo Wen Siang, according to a Sunday filing with the Singapore Exchange.
The shareholding will be acquired in two tranches for a total consideration of SG$2.9 million, the filing said.
The first tranche is expected to be completed by Feb. 28 or another date mutually agreed upon by the parties, while the second tranche is anticipated to close six months after the first tranche or on an alternative date agreed upon by the parties.
Once the proposed acquisition is complete, iFocus will become an indirectly wholly owned subsidiary through Futura Innovation.
Natural Cool's principal businesses are airconditioning and engineering, paints and coatings,
technology, and food and beverages.
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