SEE Hup Seng, a provider of corrosion-prevention services, announced yesterday the completion of its $42.4 million acquisition of steel-engineering company Hetat Group.

With the completion, Hetat's founder and chief executive Henry Ng, 51, has also been appointed as an executive director of See Hup Seng. Some 42.5 million new ordinary shares have been issued to Mr Ng at 24.93 cents each. The remaining $31.8 million of the consideration will be paid in cash.

To finance the cash portion, See Hup Seng said it had obtained the approval of shareholders at an extraordinary general meeting on Thursday to issue 144.5 million new shares at 24.93 cents each to a group of high net worth individuals. This share placement will raise net proceeds of around $35.2 million.