SIS to acquire shares in P4G
SAGPL, a subsidiary of Security and Intelligence Services (SIS), has entered into a definitive agreement to initially acquire 51 per cent stake in Platform 4 Group Limited (P4G).
Security and Intelligence Services Australia Group Private Limited (SAGPL) will have to pay a consideration of NZD 1.34 million in cash in exchange for 51 per cent stake in P4G. The company has the option to acquire the remaining shares in 2021. The acquisition is not a related party transaction, nor do the promoters have any interest in P4G. The deal is expected to be closed by February 28, 2019.
P4G enjoys substantial repute in New Zealand. It operates in the primary customer segments including manufacturing, construction, hospitality & commercial spaces.
Thus, by acquiring P4G, SAGPL will gain entry into the New Zealand market. It will also offer the opportunity to expand and enlarge the Australian business operations in New Zealand.
P4G reported revenues of NZD 7.8 million. It employs approximately 1,100 people and has a customer base of nearly 300. The industry in which it operates revolves around guard services, patrols, monitoring services and event services.
On Friday, the shares of Security and Intelligence Services (India) Limited opened at Rs. 786.95 per share and hit a high and low of Rs. 800.00 and Rs. 773.70, respectively. At 11:06 am, the stock was trading at Rs. 785.00, up 2.16 per cent.