TCE will have an issued and paid-up share capital of THB 2m (SGD 92,000; EUR 43,500) divided into 20,000 shares. Tiong Woon will subscribe for 49% of the equity interest in TCE. The remaining 51% interest will be held by Mr. Yiamchaiyaphum Prasitchai. Following the subscription, TCE will become an associated company of Tiong Woon.
TCE will be principally in the business of carrying out mechanical installation, fabrication and piping works for all kinds of construction works and/or construction related businesses.
None of the directors or controlling shareholders of Tiong Woon has any interest, direct or indirect, in this transaction, the company said.