Singapore crane supplier Tat Hong Holdings has entered into an investment agreement with its 70% owned subsidiary, Leadpoint Pte Ltd, and Fushun Yongmao Construction Machinery Co Ltd.
Under the agreement, Tat Hong and Leadpoint have established an investment vehicle, Sunfield Investment Pte Ltd – a company incorporated in Singapore.
Sunfield and Yongmao (which manufactures and sells tower cranes in China), have entered into a contract to jointly establish a joint venture in the region to be named Fushun Yongmao Equipment Manufacturing Co Ltd.
Tat Hong said the joint venture was in line with its strategy of “forging alliances with strategic partners in order to provide synergistic benefits and growth opportunities”.
Meanwhile, Lewis Ng, group marketing manager of Tat Hong Holdings, has described the company’s decision to sell its 40% stake in Taihon Crane Lease Co to Taihei Trading Co for 78.2 million yen as insignificant. Taihon, based in Japan, rents construction equipment and provides related services
Ng told Cranes Today: “It does not have any implications at all for our business. It was simply a case of there was an interested buyer therefore we sold it.”
Tat Hong has operations in Malaysia, Hong Kong, Thailand, Indonesia, China, Japan, Vietnam and Australia.
