CITIC Consultancy 1616 Limited, a wholly-owned subsidiary of CITIC Telecom International Holdings Limited is acquiring Acclivis Technologies and Solutions Pte. Ltd., a subsidiary of Catalist-listed DeClout Limited, for S$75.0 million.
“Following the successful listing of Procurri on the SGX Mainboard in July 2016, this second major milestone validates our ability to execute and enhance shareholder value,” said Vesmond Wong, Chairman and Group CEO of DeClout.
“As the Group reaps its second harvest, our capital base will increase substantially, enabling us to reinvest in existing sub-groups and scale them to maturity. This forms the second important leg of our strategy to recycle capital while maintaining high growth. We are also pleased to start delivering on our promise to reward shareholders and intend to use part of the net proceeds to thank our shareholders for their continued support.
“Post transaction, we will continue to assist with both the transition and the actualisation of synergies between DeClout and CITIC Telecom. Beyond the transaction, we believe that CITIC Telecom’s global reach and its established presence in Greater China will create substantial opportunities for the Group to partner with CITIC Telecom going forward.”
The transaction is expected to be completed by 31 December 2016, subject to shareholders’ approval at an Extraordinary General Meeting (EGM) to be convened.