SINGAPORE: The Board of Directors of LCT Holdings Limited has entered into a non-binding term sheet in relation to the proposed acquisition of the entire equity interest in PG Automotive Holdings Pte. Ltd. together with its subsidiaries and associated companies from Mr. Park Ki Chool and his family members at an indicative price of S$160 million.
.The proposed acquisition, if undertaken and completed, is expected to result in a reverse takeover of the Company under Rule 1015 of the Listing Manual of the Singapore Exchange Securities Trading Limited.
The term sheet is subject to the parties entering into a definitive documentation, which is targeted to be within three months from the date of signing of the term sheet.
PG Automotive Holdings holds the legal and beneficial interest in its subsidiaries operating in Malaysia, Korea and Russia, and its associated companies in Vietnam. PG Automotive Group is principally engaged in the business of design, manufacturing, assembly and supply of automotive seating system.
The Board of LCT Holdings believes that the proposed acquisition will provide an opportunity for the Company to venture into a new business area that has potential for growth. Accordingly, the proposed acquisition would allow the Company to diversify from its existing businesses and the profitable PG Group with proven track record will enhance the long-term interests of the Company and its shareholders.