Mencast Holdings says it has acquired for $14.85 million Unidive Group, the provider of a full range of topside (rope access) and subsea (diving) services for the offshore and inshore marine industry, particularly in inspections, repairs and maintenance.
Mencast says the acquisition provides Mencast with a new earnings stream from the lucrative inspections, repairs and maintenance business, which is a subset of the Group’s marine maintenance, repair and overhaul business.
Unidive’s unaudited profit before income tax was about $3.17 million for the financial year ended 31 December 2010. The unaudited net asset value of the Unidive as at 31 December 2010 was $6.78 million.
About $12.4 million of the acquisition price will be satisfied in cash and the balance S$2.425 million will be satisfied by the allotment and issuance Mencast shares.
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