SINGAPORE (Feb 11): GSS Energy intends to acquire other new businesses if the deal to sell its precision engineering unit to its group CEO Sydney Yeung goes through, so as to avoid being deemed a “cash company”.
If the deal goes through, GSS Energy will be left with a 20% stake in GSS Energy Trembul, which has interest in an oil field in Indonesia. GSS Energy, presumably, will only own the stake and not be actively involved in the operations of the field.
In response to a series of queries by the SGX, GSS Energy explains that Ng Say Tiong, the company’s CFO and executive director, will be the one representing the company in its negotiations with Yeung.
Ng will be assisted by a working group unrelated to and with no conflicts of interest in relation to the potential transaction. The working group includes Lee Kok Beng, another GSS Energy executive director, Wong Liong Khoon, the company’s financial controller and Eugene Lee Tin Yau, the company’s general manager.
“The team will keep its independent directors informed on the progress of the negotiation and seek their guidance, as appropriate,” said GSS Energy on Feb 11.
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