Stock News: AusGroup to acquire 76.6% in CActus Eng!

AusGroup Ltd said it will acquire a 76.6 pct stake in Cactus Engineering & Trade Pte Ltd for 15.3 mln sgd. The company said it has entered into a conditional sale and purchase agreement with Legacy Ventures Pte Ltd to acquire 100 pct of Sinergy Innovations Pte Ltd, which holds the 76.6 pct stake in Cactus Engineering. Cactus Engineering is a leading oil and gas machining and fabrication specialist in Southeast Asia, it said. AusGroup said it will issue 54.48 mln new ordinary shares at 0.2812 sgd per share, the weighted average trading price of AusGroup shares yesterday, to Legacy Ventures as payment for the acquisition.