Union Steel Holdings Limited (SGX:BLA) entered into a new sale and purchase agreement to acquire Applied Engineering Pte Ltd from New Oasis Pte. Ltd. for SGD 16 million on December 29, 2021. The purchase price is intended to be funded by internal resources and bank borrowings. The total assets and total equity of AEPL as of August 31, 2021, were SGD 13.14 million and SGD 6 million, respectively. The approval of shareholders of Union Steel Holdings is required in respect of the proposed acquisition. The business, financial, tax, accounting and legal due diligence conducted by Union Steel Holdings on AEPL in connection with the transactions contemplated by the new SPA, having been completed. The transaction has been recommended by the board of Union Steel. The parties have agreed that completion shall take place on the 5th business day following notification of the satisfaction or waiver of the last condition, whichever is earlier, or at such other time as may be agreed in writing between the parties. Based on the foregoing, the net profit after tax attributable to the sale shares based on AEPL's audited results for the financial year ended March 31, 2021, and unaudited results for the five months ended August 31, 2021 is SGD 447,000 and approximately SGD 552,000, respectively. Drew & Napier LLC acted as the legal adviser to Union Steel in relation to the proposed acquisition. On April 19, 2022, The extraordinary general meeting of Shareholders of Union Steel Holdings Limited (SGX:BLA) held.

Union Steel Holdings Limited (SGX:BLA) Completed the acquisition of Applied Engineering Pte Ltd from New Oasis Pte. Ltd. on May 4, 2022.