Velosi takes stake in two companies

Velosi Limited has acquired a 65% interest in K2 Specialist Services Pte Ltd (“K2”), for an aggregate consideration of SGD5.6 million (approximately £1.87 million). K2, incorporated in Singapore, provides a range of Inspection, Testing, Integrity Management and Engineering services to the Oil & Gas industry throughout Asia Pacific, Middle East and Central Asia.

Velosi also has acquired a 60% interest in Intec UK Limited (“Intec”), for a maximum aggregate consideration of £1.92 million. In addition, the vendors of Intec intend to subscribe for one million new ordinary shares in Velosi at 145p per share raising £1.45 million, the proceeds of which will be applied to general working capital purposes and / or acquisitions. Intec, incorporated in the United Kingdom in 1983, provides recruitment, training and consultancy services to a worldwide blue chip client base.