- SKS Technologies (SKS) has officially completed the purchase of APEC Technologies Group
- The company agreed to purchase the technology and product firm earlier this year
- It issued $1.4 million worth of shares to the vendors at 17.7 cents per share to finalise the purchase
- SKS says the move aligns with the company’s strategy to grow its capability in the technology sector
- On the market today, SKS is in the grey and trading at 25 cents per share
SKS Technologies (SKS) has completed the purchase of APEC Technologies Group.
Last month, the ASX-lister announced it would acquire the assets and ongoing business of APEC, a technology and product firm that serves the education industry.
Under the terms of the purchase, SKS will issue $1.4 million worth of shares to the vendors at 17.7 cents each. Notably, the issued shares are subject to voluntary escrow periods.
SKS says the move aligns with the company’s strategy to grow its capability in the technology sector.
CEO Matthew Jinks is pleased to have finalised the deal and issue shares to the vendors of APEC.
“The APEC Technologies Group is highly complementary to our underlying SKS operations and we are already seeing good progress with new customer engagement,” he said.
“The acquisition is in line with our growth strategy to build a leading integrated technology solutions business with nationwide operations, and we expect the integration of the APEC Technologies Group into the business of SKS to deliver long term value to SKS shareholders and customers,” he added.
On the market today, SKS is in the grey and trading at 25 cents per share at 11:47 am AEST.