Advancer Global, an integrated services provider offering workforce solutions and services in Singapore, announced that company’s wholly-owned subsidiary, Advancer Global Facility Pte, entered into an agreement to acquire 76% of shares in Singapore-based Envirocare.
Advancer Global entered the sale and purchase agreement with Fat Trees Pte. Ltd., a company incorporated in the Republic of Singapore. Fat Trees will acquire the remaining 24% of shares in Envirocare.
Envirocare was incorporated in the Republic of Singapore on 16 January 2012, and its principal activity is the provision of landscape planting, care and maintenance services such as garden installation and maintenance, grass cutting, tree felling and pruning in Singapore. Envirocare has an issued and fully paid-up share capital of S$20,000 (USD 14,450) consisting of 20,000 ordinary shares, which are wholly-owned by Chow Foong Kuan before the proposed acquisition. The maximum aggregate cash consideration of the proposed acquisition is SGD 300,000 (USD 216,810).
“The proposed acquisition is in line with the group’s plans to expand its range of services within its facilities management division and to further strengthen its service offerings by providing a holistic suite of facilities management solutions and services to its wide base of customers,” Advancer stated.
“The Board is of the view that the proposed acquisition would provide a larger skilled workforce and expertise for the group to tap on, enabling it to be a direct provider of landscaping services, thereby expanding its landscaping business and its market share in Singapore. In addition, the group will be able to build on Envirocare’s established customer base and its proven track records in the provision of landscaping services,” Advancer stated.