IPCO to purchase Process Automation from Asia Tele-Net for HK$420 mln

IPCO International Ltd (0679) said it has agreed to buy the entire issued and paid-up share capital of Process Automation (BVI) Ltd (PAL) for 420 mln hkd from Asia Tele-Net and Technology Corp Ltd. The purchase consideration will be satisfied in part, by the issuance of 227.906 mln new ordinary IPCO shares at an issue price of 0.30 sgd each, as well as a cash payment of 126 mln hkd upon completion of the deal.

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