Pacific Oilfield Pte. Ltd. entered into a sale and purchase agreement to acquire 70% stake in Spindex Energy Services Pte. Ltd. from Spindex Industries Limited for SGD 1.8 million.

Pacific Oilfield Pte. Ltd. entered into a sale and purchase agreement to acquire 70% stake in Spindex Energy Services Pte. Ltd. from Spindex Industries Limited (SGX:564) for SGD 1.8 million on June 12, 2015.

The sale consideration will be received with the first tranche of SGD 1 million, to be paid on completion of the transaction. The second tranche of SGD 0.75 million is to be paid on December 11, 2015, being the date falling 6 months after the date of agreement. In return for the sale consideration, Spindex Industries shall write-off the outstanding convertible loan owing to Spindex Industries by Spindex Energy, amounting to SGD 3.83 million (including accrued interest of SGD 0.03 million outstanding) as at the date of this agreement.

The proposed disposal is expected to be completed on or prior to July 24, 2015, being the date falling 6 weeks after the date of the agreement.