PPK Group Completed Acquisition Of 45% Interest In CIB

PPK Group Limited (ASX: PPK) announced the completion of the acquisition of 45% interest in Craig International Ballistics Pty Ltd (CIB), which is the manufacturer of soft and hard ballistic products that are used for the security and defence sectors.

PPK group had entered a binding MoU on 28 October 2019 for this acquisition.

PPK has issued 500,000 shares in PPK at $4.50 and made a cash payment of $2,750,000, equating to a total consideration of $5,000,000 for the stake in CIB.

AT AEDT 2:07 PM, the shares of PPK are trading at $5.100, up 0.8% from its previous close.

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