Union Steel Holdings

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The acquisition was made via a market transaction on Sept 6.

Shares in Union Steel closed flat at 86 cents on Aug 30.

The construction industry in Singapore so far has painted a mixed picture for construction stocks.

The group's revenue increased by 34% to $107.3 million in FY2023 compared to $80.1 million last year.

The acquisition was seen as an “attractive investment opportunity” for the company to diversify its revenue streams.

According to Union Steel, the move will allow the group to focus on its oil and gas engineering business.

Union Steel has announced the signing of a non-binding term sheet to acquire the entirety of BTH Holdings for $17 million.

Neo Kah Kiat, chairman and CEO of caterer Neo Group, increased his stake in the company via two separate married deals on July 24. In the first tranche, he acquired 453,300 shares for $190,386 and in the second tranche, he acquired 2.2 million shares for