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.

Commenting on this acquisition, Dr. Nabil Abdul Jalil, CEO of Velosi said: “In line with our strategy of increasing our market share in existing markets and expanding our service offering, the acquisition of K2 increases our profile, presence and market share in Asia Pacific, Middle East and Central Asia. K2 significantly adds to, and extends our reach for, our existing rope access services. Additionally, K2’s Rope Access Training School, one of the largest in the world, is an extremely valuable addition to the Group’s services”.

Velosi is also pleased to announce that it 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.

“This acquisition is a major addition to our service offering,” said Dr. Nabil Abdul Jalil. “Intec’s commitment to quality, safety, the environment and innovation has enabled it to build up an extensive network of contacts of over 65,000 candidates, which includes some of the most sought-after and highly skilled personnel available. In industries where there is a distinct shortage of high calibre individuals this is an invaluable asset to have acquired”.

John Hepworth, Managing Director of Intec said, “The synergy between the two companies was a major consideration for the acquisition and our confidence in Velosi’s business model is demonstrated by our subscription for one million new ordinary shares in the Group. Through this acquisition, Velosi will be able to support the continued expansion of our Manpower business globally by integrating Intec’s skills into the wider Group and allowing access to new markets through its existing global network”.