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Elvin Tan Tin Yeow, chairman and CEO of XMH stated: After conducting a comprehensive due diligence exercise, we are convinced that the acquisition of Z-Power will provide XMH with a very good opportunity to acquire a profitable entity.
Also, Tan considers that the purchase would deliver a platform for XMH to tap on Z-Power s inherent technical knowledge and capabilities and gradually implement them into XMH because of the usage of control systems and switchboards in marine applications.
Tan added: The acquisition will immediately be earnings accretive for XMH and with significant opportunities for growth, we are confident that this will improve the long-term financial performance of the group as well as enhance our competitiveness in the industry.