Asiaphos to Acquire Exquisite Mode From United Malayan Land; Shares Soar Nearly 67%

MT Newswires

Sep 02

Asiaphos (SGX:5WV) entered into an agreement with United Malayan Land (KLSE:4561) to acquire around 97.41% stake in Exquisite Mode, according to a Monday filing with the Singapore Exchange.

Shares of Asiaphos surged nearly 67% in Tuesday trading.

The company will pay United Malayan SG$59.4 million for the acquisition, with the proposed deal expected to take place within five business days once legal documents are signed and precedent conditions have been met.

The acquisition provides the company an opportunity to venture into a new business area with growth potential.

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