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PRIVATE equity fund TIH Limited's subsidiary TIHT Investment Holdings has completed a S$129 million acquisition of assets from Temasek Holdings.
This comprises a minority interest in CEI Contract Manufacturing Limited and the assignment of beneficial ownership in a minority interest of Mitsui Life Insurance Company Limited.
The consideration of S$129 million is payable partly in cash, partly by way of financing and an issue of shares in TIHT.
Post-completion, TIHT will be 55 per cent owned by Killian Court, a direct wholly-owned subsidiary of TIH and 45 per cent owned through an indirect wholly-owned subsidiary of Temasek.
Mitsui Life is a member of the Sumitomo Mitsui Group. Focused mainly on the Japanese market, its products include individual and group life insurance, annuities, pensions, and other related products such as medical/living benefit.
Separately, CEI's core business is in very high-mix and low-volume contract manufacturing services and equipment integrator. Headquartered in Singapore, CEI has manufacturing facilities in Singapore, in Thuan An in Vietnam, in Batam in Indonesia and in Shanghai in China.