24.03.2011

Tat Hong takes over Vietnam operation

Singapore based crane group Tat Hong has acquired the 51 percent holding in Vietnamese based crane and equipment company -ALCII-Tat Hong - that it does not already own, from Finance Leasing Company II – Vietnam Bank for Agricultural and Rural Development for a consideration of VND 22.6 billion ($1.1 million).

Following the acquisition, ALCII-Tat Hong has become a wholly-owned subsidiary and renamed “Tat Hong Equipment Co. Ltd”.

Tat Hong said: The acquisition is in line with the its strategy to expand its operations in Vietnam, especially in heavy equipment distribution and the crane rental business. The transaction is not expected to have any material impact on the group’s results for the financial year ending in March.”