TEE International and Advancer Global acquire Chiang Kiong Group for $18.5 mil

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/ EdgeProp
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November 21, 2017 10:25 AM SGT
TEE International and Advancer Global announced on Nov 20 that they have entered into a joint venture agreement with an independent third party financial investors to acquire Chiang Kiong Group (CK Group) and its subsidiaries, which provide waste management services.
The acquisition will cost $18.5 million and it is expected to be completed by Dec 29. TEE’s wholly-owned subsidiary TEE Infrastructure, Advancer Global’s wholly-owned subsidiary Advancer Global Facility and the investor will respectively own 50.1%, 20.1%, and 29.8% of the shares of CK Group, on completion of the acquisition. The consideration of $18.5 million will be paid in proportion to their shareholding. The acquisition is expected to be completed by Dec 29.