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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.