Grand Venture Technology Limited entered into conditional sale and purchase agreement to acquire Formach Asia Sdn Bhd from Leong Yoke Choy and Gan Lee Kim for approximately SGD 7.8 million.

Grand Venture Technology Limited (Catalist:JLB) entered into conditional sale and purchase agreement to acquire Formach Asia Sdn Bhd from Leong Yoke Choy and Gan Lee Kim for approximately SGD 7.8 million on December 17, 2021. The consideration will be paid as SGD 6.8 million in cash and SGD 1 million through the issuance and allotment of 860,658 shares at an issue price of SGD 1.1619. The proposed acquisition of Formach is expected to be completed by first quarter of 2022, subject to the satisfaction of certain regulatory conditions in Singapore and the respective countries.

The transaction is subject to Execution of Employment Agreement and Consummation of Due Diligence Investigation. On February 24, 2022, the Singapore Stock Exchange approved the issue and listing of 860,658 consideration shares to be issued pursuant to the Formach Acquisition.