Eneco unit signs non-binding deal for Fastweld acquisition

The MoU includes 180-day exclusive negotiation period.

Eneco Energy Limited said its wholly owned subsidiary, Eneco Singapore Pte. Ltd., entered into a non-binding memorandum of understanding (MoU) on 30 January to acquire 100% of the issued and paid-up share capital of Fastweld Engineering Construction Pte. Ltd.

The memorandum of understanding provides for an exclusivity period of up to 180 days, extendable by mutual consent, during which the seller is restricted from engaging with third parties whilst the parties conduct due diligence and negotiate a definitive sale and purchase agreement.

The transaction remains subject to further negotiation, satisfactory due diligence and the signing of a definitive agreement, with the MoU not legally binding except for provisions relating to exclusivity, confidentiality and governing law.

The proposed acquisition would constitute an interested person transaction and a significant transaction under the Mainboard Rules, and would require shareholder approval if it proceeds.

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