According to the memorandum of understanding (MOU), this acquisition will be satisfied by way of issuance of new ordinary shares in KTL Global.
Since KTL Global completed its acquisition of Tianci Agritech in June this year, marking its first foray into the fresh produce business, it has been making efforts to expand this new business segment. On July 12, the group announced its acquisition of a 51% stake in fresh produce e-commerce platform EBuy for a consideration of $1.476 million.
EBUY supplies daily fresh vegetables and fruits as well as dried provisions to food service providers, retailers, restaurants and hotels, and has also extended its services to individual households island wide with supplies of fresh and dried provisions. EBUY also manufactures dim sum and noodles and is capable of packing orders on a real-time basis.
