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Sinwa buys 70% of Rapid for $9.45m

Sinwa buys 70% of Rapid for $9.45m

Singapore: Offshore marine supply and logistics firm Sinwa has agreed to acquire 70% stake in Rapid Offshore & Marine for S$12.25m ($9.45m).

The first payment of S$7.35m will be made through via a mix of a share issue and cash.

"The acquisition of Rapid is in line with Sinwa's vision to offer a full range of HVAC&R (heating, ventilation, air-conditioning and refrigeration) and integrated mechanical and electrical services, engineering and related services to the offshore and marine industry," said Mike Sim, executive chairman and ceo of Sinwa.

Singapore-listed Sinwa claimed that the acquisition would significantly contribute to its future earnings.

An option exists for Rapid to sell the remaining 30% of the company to Sinwa, or for Sinwa to make total acquisition. The option is to be exercised within six months from 31 December 2014. [07/01/11]

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