SHS selling petroleum distribution arm for S$100.3m

Singapore

ENGINEERING and corrosion prevention services group SHS Holdings, formerly known as See Hup Seng, is proposing to sell off its biggest business segment.

It has inked a deal to sell its refined petroleum distribution arm for S$100.3 million in cash to German chemicals distributor Brenntag, it said in a Singapore Exchange filing on Friday after market close. SHS group chief executive officer Henry Ng said in a statement that the divestment of the distribution business was part of the group's "ongoing strategic review" to streamline its businesses. It added that the di…