A Singapore-based company Ban Joo & Company Limited, designing, manufacturing and distributing of textiles and household items, has entered into conditional sale and purchase agreement with purpose to acquire the entire issued share capital of Telemedia Pacific, Inc. and Telemedia Pacific Incorporation Limited. The companies are to be purchased for from the British Virgin Islands-based investment holding Telemedia Pacific Group Limited.
Both subsidiaries of the BVI holding company are engaged in business connected to a submarine fiber optic cable which is to be constructed and laid between Hong Kong and Indonesia. Telemedia Pacific, Inc. is registered in the British Virgin Islands, while Telemedia Pacific Incorporation Limited is registered in Hong Kong.
By terms of the agreement, the $260.89 mln consideration will be satisfied immediately upon the allotment and issue of 3,582,380,952 new ordinary shares in the capital of Singapore company, at an issue price of $0.07 for each consideration share.
The acquisition will give an opportunity for Ban Joo & Company to venture into the cable business and the cable and exit the textile business. Also, upon the closing of the transaction the Singapore company will be able to address the growing demand for broadband transmission between HK and Indonesia.
