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Enviro-Hub first set out to acquire the remaining 75% stake in its associate company, PGSB, in 2021 for $46.8 million in a 50-50 cash and share transaction. With this, PGSB will become a fully-owned subsidiary of Enviro-Hub.

Under the terms of the deal, Enviro-Hub will pay a cash consideration of $23.4 million and issue 292.5 million new shares at a pre-determined price of 8 cents apiece, which amounts to a total value of $23.4 million.

In the acquisition announcement, the owners of PGSB, Law Siau Woei (LSW) and Choo Kuan Ping, also known as the vendors, had warranted that the company shall achieve an aggregate audited net profit after tax (NPAT) of not less than $23 million for the profit guarantee period.