OKH Global Enters Conditional SPA to Acquire Chip Eng Seng Construction; Shares Surge 17%

MT Newswires

2024-12-05

OKH Global (SGX:S3N) entered into a conditional sale and purchase agreement to acquire the entire share capital of Acrophyte unit, Chip Eng Seng Construction for around SG$118.5 million, a filing with the Singapore Exchange said on Wednesday.

The acquisition will be carried out through the issuance of new shares in the company at an issue price of SG$0.05252 per share.

The acquisition will allow the company to further expand its business in the building and construction industry.

Shares of the integrated property developer surged nearly 17% in recent trading.

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