Mainboard-listed Pteris Global, an integrated airport logistics system provider, has signed a memorandum of understanding (MOU) to enter into discussions and negotiate the acquisition of 100% of the issued and paid-up capital of AeroMobiles.
The MOU is signed between Pteris Global and Mr Benny Yeoh (the vendor), who currently holds 88% of the issued share capital of AeroMobiles, with the balance of 12% held by Mr Alvin Ho. The proposed acquisition is subject to the entry into a definitive sales and purchase (S & P) Agreement.
Mr Oon Chong Howe, CEO of Pteris Global commented: "This is a strategic acquisition for Pteris Global because it will enable us to boost our product offering to our global clientele by adding aircraft ground support equipment (GSE) to our existing suite of airport logistics systems such as airport baggage handling, air cargo handling, in-flight catering and express courier handling systems."
The proposed acquisition will yield synergies whereby the group's expertise and proven track record in engineering, systems design and manufacturing can value-add as well as to enable AeroMobiles to further enhance its development of new GSE products on a more competitive basis.
AeroMobiles is a Singapore incorporated company that designs, manufactures and maintains aircraft ground support equipment for the aviation industry. Its range of ground support equipment include the A380 upper deck catering hi-lift, medical hi-lift, passenger stairs, maintenance & services platform, aircraft lavatory truck, aircraft water servicing truck and other specialised products. Its global clientele include major airport operators and airlines such as Singapore Airlines, SATS, Emirates, Qatar Airways, Cathay Pacific and Qantas.
"We are also able to take AeroMobiles' ground support equipment further afield to our global customer base of domestic and foreign airports in over 40 countries. By promoting AeroMobiles' products, we aim to get more regular business from our customers in between tenders for their new or upgraded airport logistics systems projects," Mr Oon added.
AeroMobiles won the 'enterprise 50 award' in 2006 and Mr Benny Yeoh won the 'most promising entrepreneurships award' in the 2009 Asia Pacific Entrepreneurship Awards.
One of the key milestones achieved by AeroMobiles was the A380 upper deck catering hi-lift, which was the first to be operated on A380 commercial flights. Another key achievement was Aeromobiles' development of the Aircraft X-ray robotic inspection system, which is the first of its kind that is capable of conducting accurate and autonomous radiological non-destructive testing (NDT) on various aircrafts.
The parties shall use their best endeavours to negotiate and enter into the S & P agreement on or before 15 August 2011. The vendor has also agreed and undertakes that, for a period of two months after the execution of the MOU, he shall not and shall procure that AeroMobiles and its other shareholder shall not, initiate, solicit, encourage, directly or indirectly, or accept any offer or proposal, regarding the possible acquisition by any person other than the group.
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