Advancer Global (43Q:SES), an integrated services provider offering workforce solutions and services in Singapore, announced that it will acquire Singapore-based HBA Group Property Consultants through its subsidiary SRE Global.

Following the completion of the acquisition, HBA will become a wholly-owned subsidiary of SRE and an 82% indirectly owned subsidiary of the company. The total consideration of the transaction amounts to SGD 600,000 (USD 453,117).

The acquisition is in line with the group’s strategy to expand its range of services within its building management business division and aims to achieve synergies between HBA and the group’s current property valuation, property management and property agency services.

“The Board is of the view that the acquisition would enlarge clientele and portfolio for the group and thereby enable it to expand its market share and presence in Singapore,” Advancer stated.

HBA was incorporated in the Republic of Singapore in 1989 and its principal activity is the provision of property management and property valuation services in Singapore.

Advancer added that the acquisition is not expected to have any material impact on the net tangible assets per share or earnings per share of the group for the current financial year ending 31 December 2021.

On February 2021 the group announced that its subsidiary Newman & Goh Property Consultants Pte Ltd had entered into a sale and purchase agreement to acquire PropNex Property Management Consultants.

Advancer Global reported revenue for the full year ending 31 December 2020 of SGD 56.4 million (USD 42.3 million), a decrease of 20.5% compared to the same period last year.