Temasek Holdings’ indirect subsidiary Venezio Investments has entered a deal with Nanofilm Technologies’ controlling shareholder, Dr. Shi Xu, to acquire an additional 1 percent stake in the company, Nanofilm said in a filing to SGX Tuesday.
Venezio will acquire 6.59 million shares from Shi Xu for S$27.12 million, the filing said. The transfer of the shares is expected in five business days, the filing said.
Currently, Shi Xu holds a direct interest in 50.84 million Nanofilm shares and a deemed interest in 311.58 million shares, or around 7.7 percent and 47.32 percent stakes, respectively, the company said.
Singapore state-owned investment company Temasek, via its subsidiaries, has been steadily increasing its stake in Nanofilm via market purchases of shares.
In July, Nanofilm announced it entered a definitive deal with Temasek for their joint venture, Sydrogen Energy, to develop new components and services to overcome limitations in using hydrogen as an energy sources and to bring more widespread adoption of hydrogen energy.
Nanofilm provides nanotechnology services in Asia across a range of industries.
Venezio is a wholly owned subsidiary of Napier Investments, which is a wholly owned subsidiary of Tembusu Capital, which in turn is a wholly owned subsidiary of Temasek.