SMI Vantage Limited (SGX:Y45) entered into a sale and purchase agreement to acquire 51% stake in Provino Logistics Pte. Ltd. from Michael Hadley, Loh Zen Chia Peter and Ling Chee May for SGD 1.7 million on June 27, 2023. Concurrently SMI and the sellers have also entered into a put and call option agreement for all the remaining shares in the Provino. The Option is exercisable from July 2, 2025. The cash consideration of SGD 0.5202 will be funded by the SMI?s internal resources. The transaction is subject to - the approval in principle of the SGX-ST for the listing and quotation of the consideration shares, obtaining the consent of the landlord of the Provino ?s warehouse and storage facility and the due execution of certain software licensing agreements between MH and SMI. The transaction is expected to close by October 31, 2023. Anchorage Assurance acted as financial advisor to Provino Logistics. Bayfront Law LLC acted as legal advisor to Provino Logistics. The approval was received frpm SGX-ST regarding listing and quotation of the consideration shares.

SMI Vantage Limited (SGX:Y45) completed the acquisition of 51% stake in Provino Logistics Pte. Ltd. from Michael Hadley, Loh Zen Chia Peter and Ling Chee May on March 7, 2024.