GKE Corporation has entered into a sale and purchase agreement (SPA) on April 30 to acquire the remaining 30% stake it does not known in Marquis Services for a consideration of $2.7 million, which was funded through internal resources.
The acquisition was completed on the same day, making Marquis Services a wholly-owned subsidiary of the company.
The acquisition is classified as a non-discloseable transaction according to Catalist rules due to the relative figures being less than 5%.
Marquis Services is a specialty chemicals storage and management specialist that is capable of handling and storing dangerous goods such as chemical products and flammable materials.
It is also involved in industrial coating blending services and marine support services.
Marquis’ net tangible assets (NTA) stand at $5.5 million based on the unaudited financial statements as at Nov 30, 2020.
No valuation was carried out for the acquisition.
Shares in GKE closed 0.2 cent lower or 1.5% down at 13.5 cents on April 30.
