Building materials turnaround marks new direction for Hong Leong Asia
CEO Tan Eng Kwee is excited about how performance of building materials supply business is shifting HLA's bottom line.
SIZE matters a lot in the building industry, and Hong Leong Asia (HLA), a leading supplier of ready-mixed and precast concrete to Singapore's construction industry, could strengthen its lead if Covid-19 accelerates consolidation in the market, chief executive Tan Eng Kwee believes.
Mr Tan told The Business Times last week: "Any prolonged (work) stoppages from Covid-19 or arising from Malaysia's movement control order will cause cash drain to players, so size matters."
HLA is the industrial manufacturing and distribution division of Singapore's Hong Leong Group.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore-backed group said near deal for Shell Singapore assets
Chinese share of French EV market slumps after incentives curbed
ARA H-Trust Q1 net property income up marginally to US$6.4 million
JPMorgan unveils IndexGPT in next Wall Street bid to tap AI boom