Rex Invests in Commercial Drone Company

Source: www.gulfoilandgas.com 7/28/2021, Location: Asia

The board of directors (the “Board”) of Rex International Holding Limited (the “Company” or “Rex” and together with its subsidiaries, the “Group”) wishes to announce that the Acquisition has been completed on 28 July 2021.

Pursuant to the Completion, Xer has become an associated company of the Company. The shareholders of Xer as at the date of this announcement, are RTI at 40%, Cresta at 42%, Limea at 15%, and Makli Invest AS at 3%.

As a condition to the Completion at an initial consideration of US$1 million, RTI has entered into a Shareholder’s Agreement with Xer’s other shareholders, pursuant to which, RTI has committed to inject a subsequent capital amount of up to US$3 million, subject to the achievement of certain technical and sales milestones by Xer within the next 18 months.


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