In addition, Novo Tellus joined hands with Koh Boon Hwee, chairman of Sunningdale Tech to privatise the company in a deal that values it at $317.8 million. Earlier, Novo Tellus had also taken an 8.53% stake in precision parts maker ISDN Holdings, and on March 15, it made a partial offer to take its stake in IT products distributor and reseller Procurri Corporation to 51%.
Grand Venture Technology (GVT), a provider of manufacturing solutions and services, has become part of a larger group of companies receiving investment from private equity firm Novo Tellus Capital Partners in recent months, each taking up different parts of the broader electronics manufacturing ecosystem.
Novo Tellus, led by managing director Loke Wai San, holds 29.6% of GVT, after completing an initial placement of about 71.5 million new shares at 33 cents, as well as a purchase of 19 million shares held by former majority shareholder Metalbank. Loke, who is also chairman of AEM Holdings, has been on an acquisition spree of sorts in recent months. Besides the Novo Tellus investment in GVT, AEM has also made an offer to buy over CEI at $1.15 per share, valuing the printed circuit board maker at $99.7 million. The offer will close on April 26 but with around a 70% acceptance rate as of March 29, it has already turned unconditional.
