Jardine Cycle & Carriage, a Singaporean diversified conglomerate, agreed to acquire a 10% stake in Refrigeration Electrical Engineering Corporation, a Vietnam-based company engaged in the construction and engineering sector, for $61m. The buyer currently owns 24.9% of REE. In order to further acquire shares which would bring its shareholding in REE to above 25.0%, it is required under Vietnam laws to make a PTO for shares in REE.