Tee International has proposed the acquisition of the issued and paid-up share capital of Carats&Co, a signs and displays manufacturer, for some $14.0 million.
On Dec 14, Tee International entered into a binding term sheet with the shareholders of Carats&Co, which has a total issued and paid-up share capital of $2 million comprising 2 million ordinary shares.
According to the company, the proposed acquisition is a strategic investment with Carat&Co’s existing business seen as complementary to the company’s previous core engineering and construction business segment.
Tee International adds that it anticipates the proposed acquisition will allow the leverage of Carat&Co’s market access and technical knowledge.
“The proposed acquisition represents a strong opportunity for the group to expand its businesses and operations, which will allow it to achieve more consistent and sustainable financial growth,” says the company.
Shares in Tee International have been suspended from trading since June 19, 2021 when it closed at 3.2 cents.
