Penta-Ocean to take over Singaporean engineering firm UG M&E
SINGAPORE, NNA - Japanese civil engineering firm Penta-Ocean Construction Co. will take over a Singaporean engineering contractor to boost its presence in Southeast Asia's financial and business hub.
The Tokyo-based company says it has agreed with local general contractor Greatearth Pte. Ltd. to acquire a complete stake in UG M&E Pte. Ltd., one of its subsidiaries, for an undisclosed amount.
A Penta-Ocean spokesman declined to offer further details.
The deal follows cooperation between Penta-Ocean and UG M&E to jointly participate in the construction of ION Orchard, a premier large-scale commercial complex in the city-state.
By acquiring the Singaporean engineering contractor, the Japanese firm aims to diversify its business fields and enhance its technological expertise.
UG M&E, founded in 1966, has a track record of large-scale engineering works such as Marina Bay Sands, an integrated casino resort, and Jewel Changi Airport, a retail, dining and entertainment complex, Penta-Ocean said in a statement released on Monday.
In Singapore, Penta-Ocean has been involved in many major reclamation and civil engineering projects since 1964, including the construction of Sengkang General Hospital and other buildings, the statement said. (NNA/Kyodo)