Advancer Global (43Q:SES), a workforce solutions and services provider in Singapore, announced that its subsidiary, Advancer Global Facility Pte. Ltd, together with an independent third party financial investor made an indicative offer to Tee Infrastructure Private Limited proposing the acquisition of Tee Infrastructure's entire equity interest in G3 Environmental Private Limited.

The offer was made for an aggregate consideration of SGD 5.5 million (USD 4.0 million).

Advancer Global Facility (AGF) and the independent investor are already shareholders of G3.

G3 is a joint venture company between Tee Infrastructure (50.1% shareholding), AGF (20.1%) and the independent investor (29.8%). It was incorporated in the Republic of Singapore on the 27^th of November 2017.

The principal activity of G3 is the provision of commercial and industrial real estate management and recycling of metal waste and scrap.

“It is envisaged that following the completion of the proposed acquisition, AGF will hold up to 70.0% interest in G3, the terms of which will be finalised in a definitive agreement to be entered into in due course,” Advancer stated.

The board is of the view that the proposed offer is in line with the group’s plans to strengthen its position and offerings within the Building Management Services division.

Should Tee Infrastructure accept the offer letter for the proposed acquisition, the parties will enter into further definitive agreements in respect of the proposed acquisition.

Last week Advancer announced that it expects to report a net loss for FY2021, as compared to the net profit for the previous financial year that ended 31^st of December 2020.