Sumitomo buys Singaporean construction equipment rental firm
SINGAPORE, NNA - Major Japanese trader Sumitomo Corp. has acquired Singaporean construction equipment sales and rental firm Aver Asia (S) Pte. Ltd. in a bid to beef up its construction equipment rental business in Southeast Asia.
Sumitomo said Wednesday it has obtained full ownership of Aver Asia for an undisclosed sum to cash in on construction demand for infrastructure improvement and urban development in many Southeast Asian countries.
Established in 1999, Aver Asia has been engaged in construction equipment sales and rental businesses in Singapore, Malaysia, Indonesia, Thailand and other Asian countries.
Sumitomo, which runs construction equipment distributors and rental firms in Japan and 17 other countries, will leverage Aver Asia's acquisition to expand its rental operations in Southeast Asia as well, the Tokyo-based trader said. (NNA/Kyodo)