Editor: The following article was edited on 11 June, 2020 to reflect the correct company acquiring Maritec.
Shenzhen-based industrial testing company China Testing & Certification Group Co. Ltd. (CTC) Centre Testing International Group Co., Ltd. (CTI) in early March acquired Singapore-based marine fuel laboratory Maritec Laboratories Pte Ltd as a wholly-owned subsidiary for USD 38.6 million (SGD 54.86 million).
The acquisition allows CTI to leverage on Maritec’s strong presence in the Singapore market while providing a platform for the firm to expand its presence in the Asia-Pacific region, it says.
While the transaction has been internally reviewed and approved, further approvals by relevant government agencies are required from Singapore authorities, notes CTI.
During the transition period, which is stipulated as 12-24 months after closing, the original shareholders will continue to serve the company and complete the handover.
The original shareholders will continue to serve the company and complete the handover during the transition period, which is stipulated as 12-24 months after closing.
CTI notes if the required government approvals cannot be completed within six months of signing the agreement, the whole arrangement will be terminated.
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Photo credit: Helloquence
Published: 27 April, 2020
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