Photos by Sim Kih
TOYOTA’S TRADING unit Toyota Tsusho Corporation (‘TTC’) has acquired a 27% stake in Sin Heng Heavy Machinery, from SEAVI Advent Equity for S$26.0 million, making it the second-largest shareholder in the SGX-listed heavy-lift solutions provider.
The Tan family remains Sin Heng's largest shareholder, with a 28% stake.
At a gala dinner for about 50 guests at the Mandarin Oriental Hotel held last Fri, friends from the media, analysts, fund managers and business associates from Asia witnessed Sin Heng ink a business alliance with TTC, which is seeking to leverage on Sin Heng's extensive business network in Singapore, Malaysia, Vietnam and Indonesia.
Sin Heng recently set up a joint venture company in Myanmar, where on-going political and economic reforms hold the promise of abundant business opportunities as the nation emerges from decades of underdevelopment and isolation.
“We are delighted to invest in Sin Heng at this opportune time as it embarks on a period of high growth fuelled by regional expansion,” said Mr. Yuji Hamamoto, Executive Officer, Toyota Tsusho Corporation.
Sin Heng expects to access to a wider marketplace by leveraging on TTC’s marketing network, subsidiaries and other resources and expand its product portfolio. Currently, the portfolio ranges from crawler cranes, mobile cranes and aerial lifts.
It can be expanded to encompass broader crane-related equipment and general construction machinery such as forklifts and vehicles for high altitude construction work.
