Upon completion, Ban Fook will become a wholly-owned subsidiary of the group.
As at Dec 31, 2023, Ban Fook’s net asset value stood at $1.84 million.
According to the group, the acquisition is set to provide an additional revenue stream to ValueMax (SGX:T6I
) and is in line with the group’s expansion strategy.
The acquisition is not expected to have a material impact on the consolidated net tangible assets and earnings per share of ValueMax for the financial year ending Dec 31.
See also: HSBC’s US$14 bil Hong Kong buyout adds to exuberant year
Shares in ValueMax closed flat at 44 cents on Dec 10.
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