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 involved in metal recycling and engineering.
Fastweld, a unit of Union Engineering under Union Steel, provides procurement, maintenance and construction services.
Through its investment holding company Eneco Singapore, Eneco Energy will buy all shares of Fastweld for S$4.3 million (about 536 million yen). Because Union Steel holds a 25% stake in Eneco Energy, the deal is considered a related-party transaction and requires approval at an extraordinary general meeting, 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 and a shift of management resources to its core businesses.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.