27.02.2008

Tat Hong builds holding in Yongmao

Tat Hong the Singapore based international crane sales and rental group has acquired a further 9 million shares in Yongmao taking its holding to 20 percent.

Until the start of this year Tat Hong controlled roughly 23 percent of Yongmao through its subsidiary Sunfield investments which held 30 percent of the shares in Fushun Yongmao. Tat Hong owned 62.2 percent of Sunfield shares outright and owned 70 percent of Leadpoint which held a further 15.55 percent of the Singapore based company,

Sunfield and Fushun Yongmao were merged into a single business in preparation for an Initial Public Offering in Singapore. This reduced Tat Hongs investment to just over 21 percent.

When the IPO went ahead earlier this month 25 percent of the equity was sold to the public which reduced Tat Hongs holding to 15.8 percent. Since the flotation Tat Hong has been building its shareholding last week it took its holding to 18 percent and today to 20 percent.

Tat Hong paid S$0.45 per share compared to the flotation price of S$0.35 and says that the acquisition of the shares will have a positive impact on earnings of the Company.

The majority of Yongmao’s equity is held by its senior managers with founder Sun Zhao Lin owning 57.4 percent and Tian Ruo Nan a further 28.7 percent.