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May 5, 2012
RIGGING AND mooring equipment supplier Teho has inked a sale and purchased agreement to acquire a supplier of heating equipment used in Southeast Asia's offshore oil & gas industry for S$6.4 million.
Known as Finessco Systems Pte Ltd, the acquisition target specializes in supplying. servicing and trading of the following equipment to the marine and offshore oil and gas industries:
(i) Electric heating and associated control systems and accesories in Singapore
(ii) Marine and offshore oil and gas fire/shut off dampers, storm louvers and galley hoods in Singapore
(iii) Marine water heaters in Singapore, Malaysia, Indonesia, Vietnam and China
Finessco is also an exclusive distributor for certain third party brands for the supply of mechanical products and systems mainly to the offshore oil & gas industry in Singapore and the South East Asian region.
Through the acquisition, Teho hopes to extend its capability in the offshore oil and gas industry ad expland it's client base.
Finessco had an audited profit after tax of S$1.3 million for FY2011 and a NTA of S$1.5million as at 31Dec.