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 disposal would unlock shareholder value and boost its financial flexibility. This will enable SHS to grow its other strategic business units.