Kingsmen Creatives said on Monday that it would acquire the remaining 10 percent of Kingsmen Indochina, or KIC, it didn’t already own from Lim Hock Chye Stephen for S$917,000 in new shares of the company.
“The board believes that the proposed acquisition will enable the company to better plan and manage the operations of the KIC Group,” it said in a filing to SGX after the market close on Monday.
KIC is mainly involved in investment holding, and the main activities of its subsidiary Kingsmen Vietnam are the design and production of interiors, exhibitions, decorations and museums, it said.
The book value and net tangible asset value of KIC and Kingsmen Vietnam for the 2017 financial year was around S$2.69 million, while the profit before tax for 2017 attributable to the sale shares was around S$74,000, Kingsmen Creatives said.
The 10,000 KIC shares which were purchased had been valued at between S$851,000 and S$982,000 by an independent valuer, it said.
Kingsmen Creatives said the deal was expected to be completed on 15 February.