SINGAPORE (Yosefardi) – Tai Sin Electric Limited said its 65%-owned subsidiary Cast Laboratories Pte. Ltd. (Cast Lab) had on 2nd April 2014 acquired an additional 66% of the issued and paid-up share capital of PT Cast Laboratories Indonesia (PTCL) for an aggregate purchase consideration of S$241,316.
PTCL will as a result of the Acquisition, become a 95% owned subsidiary of Cast Lab.
PTCL is carrying on the business of providing non-construction, oil and gas, non-destructive testing and heat treatment testing services.
The unaudited net tangible assets of PTCL as at 31 March 2014 was S$798,703and its unaudited profit before tax for the nine months ended 31 March 2014 was S$713,435.