Indo Global Exchanges Pte Ltd (OTC:IGEX) Stock Moves Up 22% in a Week: What’s the Buzz?
On Tuesday, there were a fair number of companies that had come into focus among investors for one reason or another, and this morning could be a good time to take a look into some of those. A company that investors may consider tracking this morning is Indo Global Exchanges Pte Ltd (OTC:IGEX) in light of the announcement it made yesterday.
The company announced a major new accomplishment in its journey pertaining to its growth strategy. The company revealed that, under the guidance of Antonio Sainz Millan, its Chief Executive Officer, it had been successful in coming to an agreement for the acquisition of the noted holding company Saint Andrews Holding. Saint Andrews works through a range of subsidiaries and is mainly involved in the aquaculture space in Europe. The company noted in its news release that the acquisition was a strategic one and would make it a major operator in the aquaculture sector. Indo Global Exchanges went on to add that it would also unlock considerable synergies and complement its existing portfolio of businesses.
The move demonstrated the commitment of the company towards strategic growth and also strengthened its position as a leader in its industry. The company’s CEO, Sainz Millan, noted that the transaction was an indication of Indo Global Exchanges’ larger target of becoming a global player in the aquaculture space. He went on to note that the acquisition of Saint Andrews brought significant experience and expertise to the company.
The acquisition would only be closed once regulatory approvals are awarded and all the customary closing conditions are met. It was noted that the transaction could be closed prior to the end of 2023. Indo Global Exchanges had hired the services of RS Corporate Finance, an independent financial advisor, for the purpose of going through a rigorous company valuation. The assessment by RS Corporate concluded that the acquisition had an enterprise value of $32.6 million.
On September 14, the company shared an update with shareholders with regards to a key change in leadership. Indo Global Exchanges noted that the change was a reflection of its commitment to growth. It was announced that, following considerable evaluation, the then Chief Executive Officer of the company, Sergio Bellosta, had decided to step down from his position. In the news release, the company noted that Bellosta had been influential in guiding Indo Global Exchanges through a range of markets and contributing to its growth. In the same announcement, the company revealed that it had appointed Antonio Sainz Millan as its new CEO.
Indo Global Exchanges noted that Sainz Millan brought considerable experience to the role and a proven track record of bringing about transformation in market-related sectors. He was appointed to the position after having logged lots of years in terms of experience and having led a team that went on to achieve significant milestones while driving sustainable growth. Indo Global Exchanges also noted that the key succession had been planned thoroughly so as to ensure as little disruption as possible to its day-to-day operations.
