Teho banks on property as part of core business
It plans to cast its net wide after acquisition of property firm
Add BT as a preferred sourceOFFSHORE & marine company Teho International's proposed move into the property business is more than just a diversification. The Catalist-listed company is hoping that this new business will become part of the group's core business.
Teho recently announced its proposed acquisition of boutique property developer TIEC Holdings, a subsidiary of the Singapore-based ECG Group of Companies (ECG), for $12.3 million in a cash-cum-share deal.
Looking to cash in on the growth in the property market, it said that it will be casting its net as wide as Australia, Japan, Thailand and the UK to enhance revenue streams through its newly established subsidiary, Teho Development.
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