Fastweld Engineering is an engineering procurement and maintenance contractor and engaged in the business of the installation of industrial machinery and equipment, mechanical engineering works, and the provision of process and industrial plant engineering design and consultancy services.
Eneco Energy (SGX:R14
) announced that it has entered into a sales and purchase agreement on April 24 with Union Steel (SGX:ZB9) for the acquisition of Fastweld Engineering Construction Pte Ltd for a total consideration of $4.3 million, which was determined on a willing-buyer and willing-seller basis.
Given that Union Steel holds approximately a 25.02% stake in Eneco Energy, this constitutes an interested person transaction (IPT), which the acquisition will be subjected to the approval of shareholders at an extraordinary general meeting (EGM).
