Asia Enterprises (SGX:A55) agreed to acquire 385,000 shares in GKE Metal Logistics from Hung Ling Holding for SG$8.9 million, according to a filing with the Singapore Exchange on Sunday.
The total shares represent 28.64% of GKE Metal Logistics.
The consideration for the proposed acquisition will be carried out through the allotment and issuance of 28,400,000 shares in Asia Enterprises' capital at an issue price of SG$0.312 per consideration share.
GKE Metal is engaged in the business of provision of storage, freight forwarding, warehousing, packing, removal and delivery services.
Shares of the company were up over 3% in recent trading.
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