XMH has entered into a sale and purchase agreement with BH Global, which owns 60% of Z-Power, and shareholders Ang Cheng Siew, See Hoon, Tang Hing Yiu and Tai Mui Foong, to acquire an 80% stake SGD12.8m ($9.86m).
“The acquisition will allow the group to expand its core businesses to include the supply of Z-Power’s marine switchboards, remote control distribution systems, motor control centers, shipboard cable installation and other integrated marine automation products,” XMH said.
The remaining 20% of the company will continue to be held by the four existing shareholders who will remain with Z-Power for a “considerable period of time” to extend their expertise to the company.
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