Elektromotive

Elektromotive: entered into a binding MOU with various parties, namely MA Builders and several individuals, to acquire 51% stake in Asia Galvanizing for consideration of $7.65m, at par with the agreed valuation. This will be satisfied by cash of $3.6m and issue of 162m new Elektromotive shares at $0.025/sh. Asia Galvanizing provides high quality hot dip galvanizing services to the building and construction, oil & petrochemical, marine offshore and general steel fabrication industries in Singapore. Elektromotive believes it is an opportune time to acquire Asia Galvanizing at its growing stage, and believes it will be able to strengthen its financials with the stable recurring income.