Thursday, May 28, 2015 6:35:38 PM
TRC, in it's fiscal year ending December 31, 2014, had audited revenues of SGD15.7 million and net income after tax of SGD3.5 million.
The terms of the acquisition are a share exchange of US$36 million of newly issued Seratosa shares in exchange for 100% of the shareholder interests of TRC.
TRC will become a wholly-owned subsidiary of the Company and be allowed to appoint two directors to the Company's Board of Directors, as well as place executives in senior management positions.
The transaction is estimated to close within ten business days following the date of this announcement.
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