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Acromec acquires remaining 40% stake in engineering firm
CATALIST-LISTED specialist engineering services provider Acromec has acquired the remaining 40 per cent stake in Golden Harvest Engineering for S$550,000.
Golden Harvest is an engineering firm which provides maintenance services for the air conditioning and mechanical ventilation systems of buildings. It also undertakes minor installation works as part of its suite of services.
Existing clients of Golden Harvest include owners of retail and commercial buildings, Acromec said in a press statement on Wednesday.
The group previously acquired a 60 per cent stake in Golden Harvest in 2016.
Acromec said that Golden Harvest's business complements the company's. The latter provides installation support services to Acromec for its core engineering, procurement and construction business.
Lim Say Chin, Acromec executive chairman and managing director, said: "Our decision to acquire the remaining 40 per cent of Golden Harvest will further enhance the group's existing maintenance segment business, thereby increasing our recurring business base."
Acromec shares closed up 0.6 Singapore cent or 4.9 per cent to 12.8 cents on Tuesday.