Token Communities Ltd Acquires ABT Automotive Investments Limited
ABT holds 50.01 % of Sakthi Global Auto Holdings Limited, a private company that engages in Automotive manufacturing Sector. Token intends to make further acquisitions in this sector.
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Delaware based Token Communities Ltd has announced the acquisition of ABT Automotive Investments Limited. ABT holds 50.01 % of Sakthi Global Auto Holdings Limited, a private company that engages in Automotive manufacturing Sector.
The founder and Chairman of Sakthi Global Auto Holdings, Manickam Mahalingam has been appointed as Chairman of Token Communities Ltd. Lalit Verma, CEO, of Sakthi Global Auto has been appointed as the CEO of Token Communities Ltd.
Manickam has been instrumental in developing the USD 1BN+ conglomerate. In addition to spearheading the development of the automotive segment, he has also been pivotal to establishing multiple educational institutions. He has received several international awards for leadership and outstanding contributions in the automotive industry, and holds an MA from Madras University and an MBA from University of Michigan.
Verma has previous experience of working in several countries including India, Japan, China, Korea and the US. He has a background from supply chain and global purchasing at OEMs like GM, Honda and Bombardier. He has an BE from Delhi College of Engineering and an MBA from Institute of Management Technology in Ghaziabad, India.
Peter Maddocks, President of TKMC, stated "We are very pleased to welcome Manickam Mahalingam as Chairman and Lalit Verma as CEO and as new members of the board of Directors of Token Communities Limited, we are delighted to have secured the acquisition of 100 % ABT Automotive Investments Limited, that holds 50.01 % of Sakthi Global Auto Holdings Limited. The acquisition has been achieved via an all stock purchase of the ABT shareholding in exchange for newly issued shares of TKCM, issued at $1.00 per share in full satisfaction of the purchase consideration."
Token Communities Ltd. intends to establish itself as a global holding company for automotive parts manufacturing entities by making further acquisitions in this sector.