Advancer Global has entered a definitive sale and purchase agreement with Re Sustainability for the disposal of G3 Environmental and its subsidiaries for a purchase consideration of $22 million. 

 

The group is a wholly-owned subsidiary of Kenmoore Mezzanine Investments (Kenmoore) and Tee Infrastructure (Tee). 

 

G3 Environmental, which was incorporated in Singapore in 2017, focuses on the business of waste collection and recycling of metal waste and scrap. 

 

According to an Aug 6 announcement, TEE, the major shareholder of G3, has led discussions on the proposed disposal as part of its parent company&rsquo s corporate restructuring. 

 

The group adds that the disposal is &ldquo in the best interest of the company and its shareholders&rdquo as it is expected to improve the financial position and liquidity of Advancer Global 43Q . 

 

Due to the group&rsquo s minority stake in G3, which stood at 20.1%, the disposal is not expected to have a significant impact on the existing operations and business of the group, reads the Aug 6 release. 

 

On a pro forma basis, had the disposal been completed on Dec 31, 2023, the group&rsquo s net tangible assets (NTA) for FY2023 would have been up at $30.1 million from $28.9 million previously. NTA per share would have stood at 11.97 cents from 11.51 cents previously. 

 

Had the proposal been completed on Jan 1, 2023, the group&rsquo s loss for FY2023 would have stood at $3.2 million from a loss of $3.9 million previously. Loss per share would have been reduced to 1.28 cents from 1.57 cents previously.