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MARKETS & INVESTING | Staff Reporter, Philippines

New Wave to buy Alutech Metals Asiatic for $2.8m

It targets to develop and expand its aluminium product distribution business.

New Wave Holdings will buy Alutech Metals Asiatic Pte. Ltd. for $2.8m as part of its efforts to develop and expand its aluminium product distribution business.

In its filing to the Singapore Exchange (SGX) yesterday, New Wave said that they have entered into a conditional sale and purchase agreement with two independent parties, Tan Suan Dao and Hu Wing Ko, to acquire the entire share stake in Alutech Metals Asiatic.

The target company is incorporated in Singapore in 2010 and owns Alutech Metals Co., Ltd. that is incorporated in China. Alutech Metals Asiatic’s primary activity is that of an investment holding company, while its subsidiary is involved on trading of aluminium alloy, steel, stainless steel, and other metal products.

In line with this, New Wave hopes to tap the marketing strength and customer network of Alutech Metals Asiatic in China to strengthen its presence in the region.

Upon the completion of the acquisition, Alutech Metals Asiatic will become a wholly-owned subsidiary of New Wave. The acquisition is hope to be completed before 30 June 2018.

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