SIN HENG seals alliance with Toyota Tsusho (new 27% stakeholder)

Sin Heng CEO, Mr Don Tan (left), in jubilant mood after signing business alliance with Toyota Tsusho's Yuji Hamamoto (deputy division officer, Machinery, Energy & Project).

Key management from Sin Heng and Toyota Tsusho lead the toast to the alliance's success.

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.

Mr Hamamoto

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.

Mr Don Tan chatting with reporters from Straits Times and Business Times.

Sin Heng's head of corporate development, Mr William Teo, taking questions at panel table.

Sin Heng founder, Mr Tan Ah Lye, pops the champagne bottle with Mr Hamamoto.

Mr Tan Ah Lye interviewed by Nikkei Singapore Bureau staff writer Mayuko Tani.

Toyota Tsusho officers L-R: Hamamoto with general manager Kuniyoshi Furukawa and group leader Jiro Fujino.

Sin Heng executive director Tan Cheng Guan (left) with Century Tokyo Leasing assistant GM Hiroaki Hirakawa.

L-R: SEAVI Advent Equity fund manager Lua Wee Kee, William Teo, executive director Tan Cheng Kwong.

Mr Tan Ah Lye presents gift of appreciation from Sin Heng to Toyota Tsusho.

Mr Hamamoto presents gift of appreciation from Toyota Tsusho to Sin Heng.

L-R: Yafin Tandiono (president director of PT Superkrane Mitra Utama), Kitano, Tan Cheng Guan, Derrick Lee (Sin Heng non executive chairman), Tan Cheng Kwong, Chen Fock Cheong (MD, FC Heavy Machinery), Chen Cheong Tat (Nationwide Skylift (Malaysia)).

A sumptuous buffet and free flowing alchohol greeted guests after the signing ceremony.

Mr Tan Ah Lye (left) has a long-time relationship with Mr Hamamoto.