Annica Holdings to shell out $1.48m for GPE Power Systems stake

It’s looking to bolster its biomass power generation business.

Annica Holdings has entered into a conditional sale and purchase agreement (SPA) with Lukman Bin Muda for a stake in GPE Power Systems.

According to Annica Holdings, the SPA is for 350,000 ordinary shares of GPE Power Systems for $1.84m. The shares represent 70% of GPE Power Systems’ issued share capital. The acquisition will enable Annica Holdings to complement its biomass power generation business by leveraging on the strength of GPE Power Systems.

The SPA will be satisfied with a $500,000 cash deposit and a $1.48m cash payment. The company further stated that the acquisition will be funded by its internal resources.