- GPS Alliance Holdings (GPS) to buy a 65 per cent interest in A&S Slabs for S$650,000 (A$653,000)
- The purchase price will be funded by the issue of 12.5 million GPS shares at an issue price of 4.8 cents per share as well as a cash component of S$50,000 (A$50,300)
- A&S imports and retails material for the construction and home furnishing industries
- On the market, GPS shares are suspended and last traded at 4.1 cents per share
GPS Alliance Holdings (GPS) has agreed to buy a 65 per cent interest in A&S Slabs for S$650,000 (A$653,000) from JKL Engineering.
The purchase price will be funded by the issue of 12.5 million GPS shares at an issue price of 4.8 cents per share as well as a cash component of S$50,000 (A$50,300).
A&S is in the business of importing and retailing natural stone, principally marble, granite, travertine, onyx, and manmade quartz surface material for the construction and home furnishing industries.
These materials are used for floor and bathroom tiling, toilet floors, walls, kitchen cabinetry, island countertops and much more.
This purchase will provide GPS with the opportunity to expand into the Australian market, which will provide a new stream of revenue in Australia.
“The board holds the view that this is a promising step toward developing a commercial arm in Singapore and in Australia that will provide revenue in different jurisdictions and will mitigate the impact of negative economic fluctuations in Singapore,” the company said.
“Furthermore, Covid-19 vaccinations in Singapore and Australia have reached a level that a travel bubble has been established between both countries from November 8, to that extent hotels will resume or increase trading in Singapore as Singapore establishes travel with other countries.”
On the market, GPS shares are suspended and last traded at 4.1 cents per share.