Building maintenance firm Taisei to buy 75% stake in Singapore’s C+H Associates
SINGAPORE, NNA - Japanese building maintenance provider Taisei Co. will buy a 75 percent stake in Singapore’s facility management firm C+H Associates Pte. Ltd. to accelerate its business expansion in the fast-growing Southeast Asian region.
Taisei signed an agreement on Thursday to acquire 750,000 C+H Associates shares on Oct. 31, the Nagoya-based company said in a statement without disclosing the value of the transaction.
In its Asian expansion, Taisei made a building maintenance firm in Hong Kong, Razor Glory Building Maintenance Ltd., into a wholly owned subsidiary in 2015 and acquired a 70 percent stake in a Vietnamese industrial peer, Care Vietnam Joint Stock Co., two years later.
The Japanese company is focusing on facility management as a “key sector for its further expansion in the Southeast Asian region” and has “decided to move into Singapore, which is well advanced in the sector,” the statement said.
Taisei spokesman Isao Sasaki told NNA, “We are acquiring C+H Associates as we recognize its capabilities in facility management, which is our focus area.” He said Taisei plans to boost C+H Associates’ annual revenue to 1.2 billion yen ($11.2 million) in two years. Taisei is considering expanding further into Southeast Asia, Sasaki added.
Founded in 2008, C+H Associates is capitalized at 1 million Singapore dollars ($725,000) and its revenue is around SG$10.3 million.