Annica Holdings Buys Tire Recycling Plant in Malaysia from GPL Industries
Annica Holdings has signed a conditional asset purchase agreement with GPL Industries to acquire a waste tire pyrolysis plant in Tanjung Malim, Malaysia, for SG$2.7 million. The payment will be made through the issuance of 1,766,666,666 shares at SG$0.0015 each. This acquisition aligns with Annica's strategy to expand into recycling, renewable energy, and green technology sectors.
Annica Holdings entered into a conditional asset purchase agreement with GPL Industries to acquire certain assets owned by the latter in Tanjung Malim, Perak, Malaysia, according to a filing with the Singapore Exchange on Friday.
Total consideration for the acquisition is SG$2.7 million for the business assets which comprise a waste tire pyrolysis plant.
Meanwhile, the consideration will be satisfied by way of an allotment and issuance of 1,766,666,666 shares in the company's capital at a price of SG$0.0015 per share.
The acquisition is part of the group's strategy to diversify into recycling, renewable energy and green technology business.
