TEE International to acquire 60% stake in Meco Engineering

Macau, Hong Kong expansion underway.

According to OCBC Investment Research, Tee International announced that it had signed a Memorandum of Understanding (MOU) to explore acquiring a minimum 60% stake in Meco Engineering Ltd, which is a private mechanical and electrical company based in Hong Kong. 

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The acquisition is expected to strengthen Tee’s presence in Hong Kong and Macau and support the group in bidding and delivering “high value, large scale and complex engineering projects.”

We believe this acquisition could help Tee in replenishing its Engineering segment order book ahead (S$215.4m as at end May 2013) but would look for further updates before any potential impact can be assessed.