Ques Corp shares rise 12% on plans to buy 64% stake in Comtel
Shares of Quess Corp rallied over 12 per cent after the business services provider firm said it has entered into agreements to acquire stakes in Singapore-based Comtel Solutions.
- Oct 20, 2016,
- Updated Oct 20, 2016 1:56 PM IST
Shares of Quess Corp rallied over 12 per cent after the business services provider firm said it has entered into agreements to acquire stakes in Singapore-based Comtel Solutions and two domestic firms - Terrier Security Services and Simpliance Technologies - for undisclosed sums.
Reacting to the development, the stock rose as much as 12.70 per cent to Rs 672.75 on the BSE.
The company "has entered into a binding agreement of terms to acquire a majority stake in Comtel Solutions Pte Ltd marking Quess entry into the technology staffing domain in Singapore," Quess Corp said in a filing to BSE.
The deal would also give a boost to Quess' operations in Asia Pacific markets as Malaysia, the Philippines and Sri Lanka, where it operates, it added.
Initially, the Quess will acquire 64 per cent stake in Comtel, while the balance would be acquired in a phased manner over 2018-20, it added.
Comtel served around 60 clients and is Singapore's one of the largest independent staffing companies.
Quess and the current Comtel management will work towards rapidly expanding the platform bringing together their respective expertise and local knowhow, Quess said.
The Bengaluru-based company will also acquire 49 per cent stake in Terrier Security Services India Pvt Ltd marking its entry into the manned guarding and security.
Shares of Quess Corp rallied over 12 per cent after the business services provider firm said it has entered into agreements to acquire stakes in Singapore-based Comtel Solutions and two domestic firms - Terrier Security Services and Simpliance Technologies - for undisclosed sums.
Reacting to the development, the stock rose as much as 12.70 per cent to Rs 672.75 on the BSE.
The company "has entered into a binding agreement of terms to acquire a majority stake in Comtel Solutions Pte Ltd marking Quess entry into the technology staffing domain in Singapore," Quess Corp said in a filing to BSE.
The deal would also give a boost to Quess' operations in Asia Pacific markets as Malaysia, the Philippines and Sri Lanka, where it operates, it added.
Initially, the Quess will acquire 64 per cent stake in Comtel, while the balance would be acquired in a phased manner over 2018-20, it added.
Comtel served around 60 clients and is Singapore's one of the largest independent staffing companies.
Quess and the current Comtel management will work towards rapidly expanding the platform bringing together their respective expertise and local knowhow, Quess said.
The Bengaluru-based company will also acquire 49 per cent stake in Terrier Security Services India Pvt Ltd marking its entry into the manned guarding and security.