07 Jun '11, 11am

TEE International acquires Thai-based GETCO

TEE International acquires Thai-based GETCO

SINGAPORE : Mainboard-listed engineering and real estate group TEE International said Tuesday that it has acquired Thai-based firm Global Environmental Technology Company (GETCO) for about S$9.7 million. GETCO is reportedly one of the largest waste water treatment companies in Thailand. Chewathai, a firm which is 49 per cent-owned by a unit of TEE International, had entered into an agreement to acquire 1.6 million ordinary shares in GETCO on Monday. TEE International said in a statement that the acquisition is a strategic move that allows the group to gain cutting edge expertise and extend its footprint into the waste water treatment business in Thailand and the South East Asian region. The firm said the acquisition would be funded by internal resources and bank borrowings.

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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