TEHO International, the marine and offshore oil and gas company, says it has entered into a non-binding letter of intent to acquire a 100% stake in ECG Property Services.
The total considered for the acquisition is $17 million of which $5 million will be paid in cash and the remaining $12 million paid in about 42.9 million shares at 28 cents each.
The deal completes TEHO’s acquisition of ECG Group, following its purchase of ECG’s property development arm, TIEC Holdings, for $12.3 million in May.
ECG Property Services is engaged in the business of providing real estate consultancy, management and valuation services. The group currently markets properties for TEHO and has a service fee agreement in place with the latter for the marketing of properties.