On the fourth meeting that held on 19th June 2020 and attended by the 8th Board of Directors management team, our parent company, Jiangsu Seagull Cooling Towers Co., Ltd. has approved the 60% shares acquisition proposal of Truwater Cooling Towers Sdn Bhd (hereinafter referred to as “Truwater”) by its wholly-owned subsidiary Seagull Cooling Technologies (Asia Pacific) Sdn. Bhd. (hereinafter referred to as “Seagull Asia Pacific”); On the same day, the shareholders of Truwater signed a share transaction agreement signify that Seagull Asia Pacific has successfully acquired Truwater at RM 32.4 million to become its wholly-owned subsidiary. Upon completion of the transaction, Seagull Asia Pacific will hold 100% of the equity and Truwater will be included in the company’s consolidated financial statements.
After the acquisition of Truwater, Seagull Asia Pacific will utilize the resources and networking to develop and adapt strategies for internationalization in order to transform the organizations into a globally competitive enterprise.
