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The Board of Directors of Oculus Limited (Company) wishes to announce that the Company has entered into a conditional sale and purchase agreement (Sale and Purchase Agreement) with Ariel Singapore Pte. Ltd. (Ariel Singapore) to acquire 60,000 ordinary shares (Purchase Shares), being 60% of the entire issued and paid-up capital of P.J. Services Pte. Ltd (P.J. Services).
BACKGROUND OF P.J. SERVICES
P.J. Services is a company incorporated in Singapore with its registered office at Loyang Offshore Supply Base Box No 5150 Loyang Crescent Singapore 508988.
P.J. Services was established in Singapore in 1983 and is in the business of providing products and services for the oil and gas production, marine and petrochemical industries. It supplies equipment, design and fabricate pump packages, chemical injection packages, pig launches and receivers and other miscellaneous items throughout Asia Pacific and the Middle- East, including Australia, Brunei, China, India, Indonesia, Malaysia, Myanmar, Philippines, Thailand, Vietnam and United Arab Emirates.
As at the date of this Announcement, P.J. Services has an issued and paid-up capital of S$100,000. Based on its latest audited financial statements for the financial year ended 31 December 2006, P.J. Services had a turnover of S$8.5 million and a net profit after tax of approximately S$0.1 million.
RATIONALE OF THE ACQUISITION
As the Company is seeking to divest its existing business, it would need to seek new businesses for investment and to continue with its listing status on the Singapore Exchange Securities Trading Limited (SGX-ST).
The Acquisition represents a good opportunity to acquire a viable business that will contribute to the financial position of the Company and its subsidiaries (Group).
THE ACQUISITION
Cash Consideration
The aggregate purchase consideration of S$90,000 for the Purchase Shares (Consideration), which will be fully satisfied by cash, was arrived at on a willing-buyer willing seller basis and will be funded by the Group?s internal resources.
OMG! To pay $90k to acquire a 24-year-old company with a net profit of $100k in FY 2006. Do you think it's good? I am beginning to worry about the usage of funds to be raised by issuing rights cum free warrant.
_________________
Good Luck & huathuat!
BACKGROUND OF P.J. SERVICES
P.J. Services is a company incorporated in Singapore with its registered office at Loyang Offshore Supply Base Box No 5150 Loyang Crescent Singapore 508988.
P.J. Services was established in Singapore in 1983 and is in the business of providing products and services for the oil and gas production, marine and petrochemical industries. It supplies equipment, design and fabricate pump packages, chemical injection packages, pig launches and receivers and other miscellaneous items throughout Asia Pacific and the Middle- East, including Australia, Brunei, China, India, Indonesia, Malaysia, Myanmar, Philippines, Thailand, Vietnam and United Arab Emirates.
As at the date of this Announcement, P.J. Services has an issued and paid-up capital of S$100,000. Based on its latest audited financial statements for the financial year ended 31 December 2006, P.J. Services had a turnover of S$8.5 million and a net profit after tax of approximately S$0.1 million.
RATIONALE OF THE ACQUISITION
As the Company is seeking to divest its existing business, it would need to seek new businesses for investment and to continue with its listing status on the Singapore Exchange Securities Trading Limited (SGX-ST).
The Acquisition represents a good opportunity to acquire a viable business that will contribute to the financial position of the Company and its subsidiaries (Group).
THE ACQUISITION
Cash Consideration
The aggregate purchase consideration of S$90,000 for the Purchase Shares (Consideration), which will be fully satisfied by cash, was arrived at on a willing-buyer willing seller basis and will be funded by the Group?s internal resources.
OMG! To pay $90k to acquire a 24-year-old company with a net profit of $100k in FY 2006. Do you think it's good? I am beginning to worry about the usage of funds to be raised by issuing rights cum free warrant.
_________________
Good Luck & huathuat!