Mun Siong Engineering: proposed an acquisition of 80% of Wing Wah Industrial services for $2m. The net tangible assets of Wing Wah is $1.62m, hence the net tangible assets of the acq. target is $1.3m. The coy will fund the acquisition with proceeds from its IPO. The company has highlighted Wing Wah’s expertise in servicing and overhauling rotating equipment as a possible synergistic advantage from the acquisition.
Stock currently trades at 4.7X P/E. DMG has buy on stock with TP $0.25
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