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Entering the oil & gas sector
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knightrider
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04-May-2010 17:33
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I just read the SGX - Company all in one notice. They sold off their main core business and now looking to acquire new venture and thus no business and got suspended. LOL I wonder who give them rights to sell away the main core business and the directors should not draw salary after no business. Perhaps SGX should change rule, when company no business, no directors should be pay salary until a new business is established. And did they held EGM or AGM to approve the sell of the main business? LOL. |
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knightrider
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04-May-2010 17:17
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Anyone understand why this is suspended ? I suddenly saw this one ! |
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zhuge_liang
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12-Dec-2007 20:08
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Maveric Ltd - The cash company, which sold its engineering business last year, now intends to enter the oil and gas business by acquiring a group of firms through a RTO deal. Maveric, formerly known as Total Automation, will buy the entire issued and paid-up share capital of Kim Heng Marine & Oilfield, Kim Heng Maritime, Kim Heng Tubulars, Kim Heng Shipbuilding & Engineering, Darwin Offshore Logistics Base, Darwin Base Waste and Alpine Progress Shipping. The sellers are Thomas Tan Keng Siong, Tan Sek Khoon and Yeo Ai Tee. The purchase price is pegged at 15x the collective profit after tax of the target firms for the year ending Dec 31, 2007, which Maveric will pay by issuing shares at $0.12 apiece. If the collective PAT of the target companies this year does not exceed $12m, the parties will negotiate a mutual agreement to adjust the purchase price and other terms of the sale. If they fail to reach such anagreement, the acquisition will not take place. |
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