MT Newswires09-01
Kim Heng (SGX:5G2) unit, Adira Renewables, will acquire a further 35% equity stake in South Korean joint venture, Soiltech Adira Korea, for $680,000, according to a Tuesday filing with the Singapore Exchange.
The offshore and marine services contract said the acquisition will lift its indirect stake to 84%.
The deal is part of a settlement agreement under which Soiltech Engineering will exit the venture, thereby resolving disputes that arose during the JV's first project.
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