Asanuma Corporation (TSE:1852) entered into a letter of intent to acquire Evergreen Engineering & Construction Pte. Ltd from Lee Yong Seng and 4 other individuals on November 18, 2021. As per the terms acquisition will take place in tranches. First Tranche of 3.6 million shares representing 80% stake and Second Tranche of 0.9 million shares, representing 20% stake in Evergreen Engineering & Construction Pte. Ltd. As on November 18, 2021, the transaction has been approved by the Asanuma Corporation board. The transaction is scheduled to be executed on December 10, 2021 and First Tranche will close in Early January 2022 and Second Tranche in April 2024. The impact of the proposed acquisition on ASANUMA CORPORATION?s financial projections for the fiscal year ending March 2022 is not material.

Asanuma Corporation (TSE:1852) completed the acquisition of Evergreen Engineering & Construction Pte. Ltd from Lee Yong Seng and 4 other individuals for SGD 56 million on May 7, 2024