Tat Hong takes controlling stake in Shanghai jv
17 December 2007Singapore-based crane rental company Tat Hong has acquired a controlling stake in a Chinese tower crane rental joint venture, Jiangsu Zhenghe Tathong Equipment Rental.
A Tat Hong subsidiary in China has acquired an additional 5% of JSZH from Beijing Zhongjian Zhenghe Construction Machinery Co for US$650,000 (RMB 4.8m). The extra fraction will take Tat Hong's shareholding to 55%. The acquisition is funded internally, the company said.
The Tat Hong Chinese subsidiary that did the deal is Tat Hong Equipment (China), not Shanghai Tat Hong Ltd, as originally announced. Tat Hong Equipment (China) is a wholly-owned subsidiary; Shanghai Tat Hong is 90% owned by Tat Hong.
