SINGAPORE: Tiong Woon Corp. Holding has bought Singapore tower crane leasing company Soon Douglas Pte for $4.3 million (SG$6.64million).
As a service provider for the oil and gas industry, TWC specializes in heavy lifting and the installation of process equipment. Soon Douglas primarily leases tower cranes and trades in spare parts for the construction, mining and shipbuilding industries. It operates a fleet of 49 tower cranes in Singapore and owns two mobile cranes.
Ang Kah Hong, TWC chairman and managing director, said, “It will also strengthen our position as a heavy lift company and enable us to build up another arm that we are confident will contribute positively to our operations.”
Thanks to the current growth in the oil and gas sector, Ang was upbeat about the future. “TWC has a strong presence in the Asia Pacific region and currently has over 200 cranes deployed in the region, Ang said.