Teho International to acquire Seanly Technical Singapore for S$2.5m

It plans to cross-sell its products and services.

In a release, Teho International Inc Ltd announced that the Group has entered into a sale & purchase agreement with Alvin Chee Siong to acquire 100% of the total issued and paid-up capital of Seanly Technical Singapore Pte Ltd or a total consideration of up to S$2.5 million.

Seanly is a company incorporated in Singapore since May 2008 and specialising in the trading of reverse osmosis desalination products and other water related equipment for use in ships and other marine vessels.

Seanly also owns a 49% shareholding in STS Seanly Marine Sdn Bhd, a company incorporated in Malaysia and specialising in providing marine and engineering services while also trading in related marine and engineering hardware and accessories.

Commenting on the acquisition, Mr. Lim See Hoe, Executive Chairman and CEO of Teho, said, “The acquisition of Seanly is part of the Group’s long term strategy of expanding its business by enhancing its capabilities in the offshore oil and gas industry. This move will provide us with the platform to cross-sell enlarged range of products and services, leading to a larger client base and increasing channels for growth.”

Teho’s current core business is the supply of rigging and mooring equipment as well as related services to customers mainly in the marine and offshore oil and gas industries.

The total consideration of up to S$2.5 million will be paid by Teho through a combination of shares and cash and over a few stages.

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