GVT will acquire J-Dragon by paying $8 million in shares plus $4.2 million in cash. Following the acquisition, J-Dragon founder Lee Lee Boon Kwong and director Eng Pau Yuen will each hold 1.02% of GVT.
Precision manufacturing solutions provider, Grand Venture Technology plans to acquire two other companies for $20 million: precision engineering firm J-Dragon Tech (Suzhou) and precision sheet metal manufacturer Formach Asia
“The acquisitions will add breadth and depth to our existing capabilities, and bring us a step closer to realising our vision of being a leading global player in the provision of precision manufacturing services,” says GVT chairman Ricky Lee.
