Upon completion of the agreement, BRC will hold 19.9% of the issued and paid-up share capital of Angkasa, with Daehan owning the remaining 80.1% stake.
BRC Asia (SGX:BEC
) has announced its proposed acquisition of 19.9% of the entire issued and paid-up share capital of Angkasa Daehan Steel for an initial consideration of $16.1 million.
On April 23, the company entered into a conditional sale and purchase agreement (SPA) with Daehan Steel and LTC Corporation. BRC plans to acquire 4.6 million ordinary shares in the capital of Angkasa, while Daehan will acquire the remaining 6.9 million Angkasa shares held by LTC.
