Posted on 03 Dec 2015
Eversendai Corp Bhd has proposed to acquire a 70% stake in Thailand-based S-Con Engineering Co Ltd for 30 million baht (RM3.54 million) cash.
The stake will be acquired by its wholly owned unit, Eversendai Construction (S) Pte Ltd, from Anuchart Suphannarat.
The structural steel specialist noted that the deal will enable Eversendai to bid for steel, composite structures, power and petrochemical plant as well as infrastructure projects in Thailand and its surrounding region.
“It will enable us to utilise S-Con’s good track record to strategically develop and strengthen its established working relationship with its international clients to undertake future structural steel and power plant projects in Thailand,” Eversendai noted in an exchange filing yesterday.
The deal will be funded with internally generated funds.
Executive chairman and group MD Tan Sri A K Nathan said Thailand offers prospective projects that fit into its portfolio.
“We are confident this venture can be used as a stepping stone to strategically position ourselves.”
