June 12, 2023

Neo Performance Material to Invest $84.7M in Singapore Subsidiary

By Adriano Marchese

Neo Performance Materials said Monday that it will buy $84.7 million worth of shares in its wholly-owned direct subsidiary in Singapore, Magnet Ventures.

The Canadian manufacturer of advanced industrial materials said that it has entered into a subscription agreement to buy the ordinary and preference shares of the subsidiary in a number of tranches.

The first tranche is expected to be acquired in July for $15.4 million.

Neo Performance also said that a third-party minority investor will also invest in the subsidiary which will have a 30% stake after completion. Neo Performance will hold the remaining 70%.

Write to Adriano Marchese at adriano.marchese@wsj.com

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