UPDATE: Ingram Micro completes ERL deal
- 01 March, 1999 13:20
Last week Ingram Micro Singapore completed tender for the shares and warrants of Electronic Resources Limited (ERL), continuing the trend of regional expansion established by its parent Ingram Micro.
As a result of the acquisition, Ingram Micro increased its ownership of ERL from 20 cent to 95.1 per cent of the issued shares and 94.0 per cent on a fully diluted basis, with financial advisory to the transaction byStandard Chartered Merchant Bank Asia Limited.
During its meeting on February 21, the ERL board resolved to change ERL's name to Ingram Micro, subject to the shareholders approval at the next annual general meeting.
While Foo Lai Fuan continues to manage the company, Jeffrey Rodek -Ingram's president and a board member -replaced board chairman and one of the original founders of ERL, Tong Kok Chiang. James Ricketts, vice president and treasurer for Ingram Micro took the vacated place on the board of ERL.
The move by Ingram Micro progresses significantly its expansion to the Asia Pacific region including Australia. It also builds on Ingram Micro's range of 200,000 products and is expected to enhance its sales mark of $22 billion achieved in 1998.