SGX-Listed Serial System Acquires 12 Million Treasury Shares of SGX And U.K. AIM-Listed Global Invacom For S$3.5 Million; Upon Completion Will Have 4.5% Stake In Sat Comms Equipment Manufacturer
Singapore, 19 June 2015 – Global Invacom Group Limited (“Global Invacom”) and Serial System Ltd (“Serial System”) – a leading distributor of electronic components – announced today that Serial System’s wholly-owned subsidiary SCE Enterprise Pte Ltd (“SCE”), has taken a S$3.5 million stake in leading satellite communications equipment (“Sat Comms”) provider Global Invacom.
SCE has acquired 12,000,000 treasury shares at S$0.29 each of Global Invacom which, upon completion, will give the former a 4.5% stake in the latter. Both Serial System – which recorded over US$1.0 billion in sales in FY2014 – and Global Invacom are listed on the Main Board of the Singapore Exchange. Global Invacom is also listed on the U.K. AIM Market. Following this transaction Global Invacom will have 282,402,299 ordinary shares in issue of which 15,957,900 are held in treasury. The total number of shares holding voting rights in the Company is therefore 266,444,399.
Global Invacom announced on 2 June 2015 that it intends to acquire Skyware Global, a leading U.S. manufacturer of Very Small Aperture Terminals (‘VSAT’) for the Sat Comms industry, for up to US$11.6 million in cash and shares.
Global Invacom Executive Chairman, Mr Tony Taylor, said, “We welcome the investment by Serial System which underscores the confidence in our strategy to position ourselves as a leader in global Sat Comms equipment. Serial System has a proven track record in supplying electronic components and as an investor they can help us improve our own procurement of components in tandem with our growth strategy.”
“Global Invacom has grown organically and via acquisitions to become a world-leader in Sat Comms equipment, with a manufacturing footprint in Europe, Asia and now very shortly in the United States. Beyond the investment opportunity we will explore how we can support Global Invacom in sourcing and supplying components,’” said Dr. Derek Goh, Executive Chairman and Chief Executive Officer of Serial System.
About Global Invacom Group Limited
Global Invacom Group Limited (“Global Invacom”) is listed on the Singapore Exchange Securities Trading Limited Mainboard (“SGX-ST”) and its shares are admitted to trading on the AIM Market of the London Stock Exchange in the U.K..
Global Invacom is a fully integrated satellite equipment provider with six manufacturing plants across China, Israel, Malaysia and the U.K., providing a full range of dish antennas, LNB receivers, transmitters, switches and video distribution components and electronics manufacturing services in satellite communications, TV peripherals, computer peripherals, medical, and consumer electronics industries. Its customers include satellite broadcasters such as BSkyB of the U.K. and Dish Network of the U.S.A..
About Serial System Ltd
Established in 1988 and listed on the SGX Main Board since July 2000, Serial System has developed a synergistic global network that is built on strong partnerships with their suppliers and customers. Today, Serial has one of the largest distribution networks in Asia, with fifty-eight offices and ten warehouses located throughout Asia Pacific. It also has a wide customer base of more than 6,000, spanning across a diverse range of industries such as consumer electronics, household appliances, industrial, telecommunication, electronic manufacturing services, automotive and medical. Its major suppliers include Texas Instruments, ON Semiconductor, Avago Technologies, TE Connectivity, Advanced Micro Devices and OSRAM Opto Semiconductors.
Serial System’s ability to align to the goals of its customers and suppliers makes it highly responsive to their needs. In meeting their engineering and supply chain needs, Serial System has become their integral component to success.
For more information please visit us at www.serialsystem.com