Anan International to Acquire French Solar Panel Specialist for 6.1 Million Euros – EQ

ANAN International is acquiring a French solar panel specialist through its subsidiary Dyneff at a pre-adjusted consideration value of 6.1 million euros (S$8.9 million).

The mainboard-listed fuel oil trader on Sunday said the transaction comes as part of its five-year strategic plan implemented by the Dyneff Group, or Anan’s 51 per cent-owned indirect subsidiary Rompetrol France and its subsidiaries.

Named France Habitat Enr, the target company specialises in the installation of photovoltaic solar panels, heating systems and equipment mostly to private individual customers. It also provides repair and maintenance services.

Its net tangible asset value as at end-2022 stood at 443,413 euros, while its book value was at 452,437 euros.

The deal’s completion is subject to the provision of several documents from the seller, who is France Habitat’s founder and sole shareholder.

Based on the terms of the share purchase agreement signed Aug 31, Anan will pay 80 per cent of the pre-adjusted consideration at the close of the acquisition.

The remainder will be paid after adjusting for the book value of France Habitat for its cash and financial debt.

Anan intends to finance its acquisition of the target company through Dyneff’s internal resources.

Assuming that the transaction was completed by end-December 2022, Anan’s net tangible assets per share for FY2022 would have been higher at US$0.01741 compared with US$0.01737 previously.

Earnings per share would have stood at US$0.00504 instead of US$0.00499, had the transaction been effected at the start of FY2022.