Shareholders of loss-making Pteris Global has voted in favour of a reverse takeover (RTO) deal that will see China International Marine Containers (CIMC) gain a controlling interest in Pteris.
The RTO deal involves Pteris acquiring a 70% stake in Tianda, the world's largest supplier of passenger boarding bridges, for $137.6 million from CIMC.
CIMC is seeking to expand its airport logistics systems (ALS) business and Singapore-listed Pteris Global will be an important part of the plan, said CIMC board secretary Yu Yuqun.
Post-RTO deal, the remaining Pteris shareholders will see their stake fall to less than 30%.
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