SHS plans to acquire corrosion control firms related to controlling shareholder
SHS Holdings, formerly known as See Hup Seng, is planning to acquire four corrosion control material providers for S$56.3 million to S$75 million.
The firm said on Friday that it has entered into a binding heads of agreement with Teng Choon Kiat, who owns Entraco Marine Engineering Pte Ltd and Entraco Offshore Pte Ltd, as well as Entraco Venture Corporate (EVC), which owns Tamaco Pte Ltd and Euronavy Coatings (S) Pte Ltd. EVC is wholly owned by Mr Teng.
Mr Teng is also a controlling shareholder of SHS, with a stake of about 28 per cent.
The proposed acquisition will be subject to approval by shareholders at an extraordinary general meeting to be held.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
US: Wall St opens lower as Meta Platforms, economic data weigh
Sheng Siong Q1 net profit up 9.3% on higher revenue
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’