Stock News: Twinwood Eng in conditional share purchase deal!

Twinwood Engineering Ltd said it has entered into a conditional share purchase deal with Hup Soon Global Pte Ltd for 79.2 mln sgd via the issue of about 3 bln shares at 0.0264 sgd each. The deal will result in Hup Soon Global, a privately-owned marketing and distribution group, owning 77 pct of Twinwood. "This deal is timely and transformational for Twinwood. In one fell swoop, it will become a serious player in the automotive consumables, industrial supplied, agricultural tractors and forklift distribution business in two fast-growing Asian countries, namely Thailand and Malaysia," said Twinwood chairman Anil Thadani, who concurrently chairs Symphony Capital Partners (Asia) Ltd. The stake of a private equity fund, advised by Symphony Capital Partners, in Twinwood will fall to 17 pct from 75 pct after the deal, it said. Twinwood said it has also proposed to consolidate every ten shares into one share and will seek to transfer its listing to the main board of the Singapore Exchange from Sesdaq.