The deal is still subject to shareholders’ approval, but if it goes through, Sun foresees that the Singapore-listed company will one day be Asia’s Diageo, the UK company known for its expansive alcohol portfolio.
For years, AEI Corp has been struggling with its loss-making aluminium parts business. Under Sun Quan, the company’s executive director and new controlling shareholder, AEI is moving into the alcohol distribution business.
On Dec 31, 2020, AEI, which is — as of December 2019 — 52.57% held by a fund led by Sun, announced a deal to buy alcohol distributor MTBL Global, which is separately and solely held by Sun via Capital Impetus Group. Under the terms of the deal, AEI will pay up to $20 million, subject to conditions such as performance targets.
