Annica Holdings (SGX:5AL) entered into a conditional asset purchase agreement with GPL Industries to acquire certain assets owned by the latter in Tanjung Malim, Perak, Malaysia, according to a filing with the Singapore Exchange on Friday.

Total consideration for the acquisition is SG$2.7 million for the business assets which comprise a waste tire pyrolysis plant.

Meanwhile, the consideration will be satisfied by way of an allotment and issuance of 1,766,666,666 shares in the company's capital at a price of SG$0.0015 per share.

The acquisition is part of the group's strategy to diversify into recycling, renewable energy and green technology business.