ISOTeam has entered into a sale and purchase agreement to acquire the remaining 49% of shares that it does not already own in its subsidiary Zara @ ISOTeam for $1.
Zara @ ISOTeam is a private company in the business of providing interior design and retrofitting services. It has an issued and paid-up share capital of $150,000.
ISOTeam says that the opportunity for the acquisition rose as Chin Wai Tuck, a shareholder of the subsidiary, expressed his wish to focus on his role as projects director.
Based on the latest management accounts of the target for the FY2024 ended Dec 31, the net tangible asset and net book value of Zara @ ISOTeam are approximately $631,000 and $631,000 respectively.
Shares in ISOTeam closed 0.1 cent lower or 1.053% down at 9.4 cents on Aug 1.
