Midas Holdings mulls acquisition of aluminum business in China for up to $264m
It will issue 462m new shares to fund the deal.
Midas Holdings plans to acquire the entire issued share capital of Huicheng Capital Limited (HC), a producer of aluminium alloy stretched plates and hot-rolled aluminium alloy plates and coils.
Midas will buy HC from seven different shareholders for up to $264m. This involves an initial consideration of S$166.3m, wholly satisfied by the issuance of 462m ordinary shares of Midas at S$0.36/share, and earn-out consideration of up to S$97.7m that shall be wholly satisfied by the issuance of up to 271m ordinary shares of Midas at S$0.36/share.