07.07.2014

Tat Hong sells Hup Hin

Tat Hong has sold its 70 percent interest in Singapore based mobile crane rental and transport company Hup Hin Transport to Hup Hin Capital for S$20.6 million ($16.5 million) in cash.

Hup Hin Capital is owned by Woon Wee Peng (who also owns the other 30 percent of Hup Hin Transport) and his children. As part of the deal Tat Hong has the right to acquire Woon’s 30 percent holding. However it says that it has no intention to exercise that option and will allow it to lapse.

The reasons given for the disposal are that the performance of Hup Hin Transport is entirely dependent on managing director Woon, that the sector is increasingly competitive yet the business requires substantial investment - given that it has an aging fleet, and finally recruiting operators and finding suitable parking spaces for the trucks and cranes is becoming increasingly difficult.
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Hup Hin provides crane rental and transport

The finds will be used by Tat Hong to repay debt