It bought back shares from one shareholder.
SGX-listed Advanced Holdings had increased its stake in its US-based subsidiary, Guided Wave Incorporated (GWI), from 91.7% to 93.0%.
The increase in shareholding is the result of GWI’s buying back its shares from one of its shareholders.
The consideration for the Share Buyback paid by GWI was US$44,898 (approximately S$63,485) payable in cash taking into account the average earnings for the past three financial years and the latest audited net tangible asset value of GWI.
The proportionate share of net tangible assets for the deemed acquisition is approximately S$47,000.
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