Natural Cool Holdings acquires remaining 49% stake in iFocus for $2.94m

The company will buy 136,639 ordinary shares in two tranches.

Natural Cool Holdings, which holds 51% equity interest in iFocus, will acquire the remaining 49% shares of the company for $2.94m.

Natural Cool will acquire 136,639 ordinary shares from Ng Choon Tiong and Kuo Wen Siang in two tranches.

The first tranche will comprise 80,868 ordinary shares or 29% equity interest in iFocus whilst the second tranche will cover the remaining 55,771 ordinary shares or 20% equity interest in iFocus.

The total purchase consideration of $2.94m, comprises $1.74m payable in cash on the completion of the first tranche and $1.2m payable in cash on the completion of the second tranche.

Upon completion of the acquisition, iFocus will become an indirect wholly owned subsidiary of Natural Cool via Futura Innovation, a wholly-owned subsidiary of the company.

The proposed acquisition is not expected to have any material impact on the company’s earnings per share and net tangible asset per share for FY2024.

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