Singapore logistics company Eneco Energy said on April 27 it agreed to acquire Fastweld Engineering Construction Pte Ltd from Singapore-based Union Steel Holdings, which is engaged in metal recycling and engineering.
Fastweld is a unit of Union Engineering, a Union Steel subsidiary, and provides procurement, maintenance and construction services.
Eneco Energy will buy all shares of Fastweld for S$4.3 million through its investment holding company, Eneco Singapore. Because Union Steel holds a 25% stake in Eneco Energy, the deal is considered a related-party transaction, requiring approval at an extraordinary general meeting of shareholders, Eneco Energy said.
Union Steel said in February it had reached a basic agreement to sell Fastweld to Eneco Energy as part of a group restructuring aimed at focusing management resources on core businesses.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.