ACT enters deals to potentially acquire Procurri shares

Singapore 50 dollar bill

A.C.T. Holdings (ACT) has entered put-and-call option deals to potentially acquire Procurri shares from Soh Chooi Lai and Xu Wen Jiong, it said in filings to SGX before the market open on Tuesday.

Xu granted the option to potentially sell 11 million Procurri shares, or a 3.87 percent stake, for S$3.63 million, while Soh could sell 37 million shares, or a 12.99 percent stake, for S$12.21 million, the filings said.

Xu Wen Jiong is the chairman and managing director of West Gold International and a non-independent, non-executive director at Yangzijiang Shipbuilding, while Soh Chooi Lai is on the board of directors of Urban Lofts, according to Bloomberg data.

In addition, A.C.T. was deemed to be interested in another 12.75 percent Procurri stake after Novo Tellus PE Fund 2, or NT Fund 2, entered a put-and-call option deal last week to potentially purchase those 36.32 million shares from DeClout for S$0.33 each, or around S$11.99 million, the filings said.

A.C.T. holds more than 20 percent of NT Fund 2, which is a private-equity firm investing in Southeast Asia-based technology and industrial companies.

Khoo Lay Kee, Serene Toh Soo Ling, Toh Soo Chin Merlene and Toh Ban Leng James were all also deemed to be interested in the option shares due to their holdings in A.C.T., the filings said.

New Earth Group 2 (NEG 2), as the general partner of NT Fund 2, and Loke Wai San and Keith Hsiang-Wen, who hold more than 20 percent of NEG 2, were also deemed to have an interest in those option shares, the filings said.

Procurri requested that the trading halt on its shares be lifted.

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