STK moves into Brazil
Singapore Technologies Kinetics (STK) has acquired a 90% equity in Technicae Projetos e Serviços Automotivos (Technicae) for BRL1.04 million ($0.5m).
STK announced the move on 22 July and said that Technicae will become one of its subsidiaries with the remaining 10% share held by the existing shareholder.
‘As part of the acquisition agreement, ST Kinetics has further subscribed to an additional capital call of BRL3.96m (approximately S$2.3m) in proportion to its shareholding in Technicae, increasing its investment in Technicae to BRL5m (approximately S$2.9m),’ the company said.
STK has long-held plans to establish a presence in Brazil to take advantage of
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