29 Jun 2016
S$100 million Acquisition of Granite Mining, Quarry Extraction and Architectural Stone and Interior Fit-Out Company by Anchor Resources Limited, together with S$3.2 million Placement of Shares
Danny Lim and Caitlin Huang from the Capital Markets / Mergers & Acquisitions Practice Group is advising Anchor Resources Limited ("Anchor Resource") in its (i) proposed acquisition of GGT Manufacturing Sdn. Bhd. ("GGTM") at the indicative consideration of S$100 million, which constitutes a very substantial acquisition; (ii) proposed diversification of business into mining and quarry extraction of dimension stone granite as well as architectural stone and interior fit-out; and (iii) proposed placement of 30,770,000 new ordinary shares in the capital of Anchor Resources at the issue price of S$0.104 per placement share.
Anchor Resources is listed on the Catalist board of the Singapore Exchange Securities Trading Limited. Headquartered in Malaysia, its existing business is in the exploration, mining and production of gold for sale in Malaysia. It currently holds concession rights to the Lubuk Mandi Mine and Bukit Panji Property in Terengganu, Malaysia.
GGTM is principally engaged in dimension stone granite mining and extraction, and architectural stone and interior fit-out. It owns an exclusive dimension stone granite concession in Hulu Terengannu, Malaysia, and is currently the sole dimension stone granite operator in Terengganu. The majority shareholder of GGTM is Mr Lim Chiau Woei, the Managing Director and a controlling shareholder of Anchor Resources.