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Thursday 10 December 2009
SUTL Global buys 23.4% of Achieva for $15.2m
Leisure group SUTL Global has bought 23.4 per cent of mainboard-listed IT-related firm Achieva for $15.2 million. The seller is an executive director who has stepped down for health reasons.
Seller is an executive director who has quit for health reasons
By FELDA CHAY 10 December 2009
Leisure group SUTL Global has bought 23.4 per cent of mainboard-listed IT-related firm Achieva for $15.2 million. The seller is an executive director who has stepped down for health reasons.
Achieva executive director Henry Lim sold his entire stake of about 121.5 million shares to SUTL in a married deal at 12.5 cents apiece, an 8.7 per cent premium to Achieva’s closing price of 11.5 cents yesterday.
He also quit as an employee and director of the company and its subsidiaries and associated companies citing health reasons, having been on medical leave since a car accident in May 2008.
Arthur Tay, who runs SUTL Global, said: ‘I think it’s a good opportunity to buy a listed group for the long term.
‘It is premature to talk about what strategy we are looking at with our investment, but we will make the announcement in due course on what we can do for Achieva.’
The Achieva group comprises a Singapore-based holding company and two subsidiaries, Achieva Technology and Achieva Investment. Achieva Technology has presence in six countries - Malaysia, Singapore, the Philippines, Vietnam, Indonesia and Australia.
For the third quarter ended Sept 30, Achieva reported revenue growth of 6.2 per cent to about $58 million from a year earlier. Net profit fell 94.4 per cent to $1.6 million from $27.8 million.
SUTL Global is a lifestyle products and services enterprise that owns the One°15 Marina Club at Sentosa Cove, Singapore’s first purpose-built mega yacht facility.
Built at a cost of about $80 million, the club has up to 270 berths, including 10 for mega-sized yachts - craft at least 85ft long and costing US$3 million or more.
SUTL Global also expressed interest in building and managing the Changi Motorsports Hub earlier this year, but ultimately did not submit a tender proposal.
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SUTL Global buys 23.4% of Achieva for $15.2m
Seller is an executive director who has quit for health reasons
By FELDA CHAY
10 December 2009
Leisure group SUTL Global has bought 23.4 per cent of mainboard-listed IT-related firm Achieva for $15.2 million. The seller is an executive director who has stepped down for health reasons.
Achieva executive director Henry Lim sold his entire stake of about 121.5 million shares to SUTL in a married deal at 12.5 cents apiece, an 8.7 per cent premium to Achieva’s closing price of 11.5 cents yesterday.
He also quit as an employee and director of the company and its subsidiaries and associated companies citing health reasons, having been on medical leave since a car accident in May 2008.
Arthur Tay, who runs SUTL Global, said: ‘I think it’s a good opportunity to buy a listed group for the long term.
‘It is premature to talk about what strategy we are looking at with our investment, but we will make the announcement in due course on what we can do for Achieva.’
The Achieva group comprises a Singapore-based holding company and two subsidiaries, Achieva Technology and Achieva Investment. Achieva Technology has presence in six countries - Malaysia, Singapore, the Philippines, Vietnam, Indonesia and Australia.
For the third quarter ended Sept 30, Achieva reported revenue growth of 6.2 per cent to about $58 million from a year earlier. Net profit fell 94.4 per cent to $1.6 million from $27.8 million.
SUTL Global is a lifestyle products and services enterprise that owns the One°15 Marina Club at Sentosa Cove, Singapore’s first purpose-built mega yacht facility.
Built at a cost of about $80 million, the club has up to 270 berths, including 10 for mega-sized yachts - craft at least 85ft long and costing US$3 million or more.
SUTL Global also expressed interest in building and managing the Changi Motorsports Hub earlier this year, but ultimately did not submit a tender proposal.
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