AcroMeta enters $1.4m binding deal to sell engineering subsidiary

The sale is subject to a minimum adjusted net asset value and shareholder approval.

AcroMeta Group Limited has entered into a binding term sheet with an independent third-party buyer for the proposed sale of 100% of the issued share capital of its wholly owned subsidiary, Acro Harvest Engineering Pte. Ltd. (ACH), for an indicative cash consideration of $1.4m.

Completion is conditional on Acro Harvest Engineering meeting a minimum adjusted net asset value of $1.0m, including cash and cash equivalents of at least $300,000, as well as the execution of definitive agreements and shareholders’ approval, according to a filing.

The cash consideration will be adjusted dollar-for-dollar based on the subsidiary’s adjusted net asset value at completion, as reflected in the completion accounts.

The proposed divestment will allow the group to rationalise its business portfolio and provide additional working capital for ongoing operations.

"This transaction allows the group to sharpen its strategic focus and strengthen its financial flexibility as we position AcroMeta to pursue opportunities aligned with our longer-term priorities," said Lawrence Toh, executive director of AcroMeta Group Limited.

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