Soon Douglas sold to Tiong Woon

Tiong Woon Corporation Holding has bought Singapore tower crane leasing company Soon Douglas Pte for SG$6.64 million (US$4.3 million).

As a service provider for the oil and gas industry, TWC specialises in heavy lifting and the installation of process equipment.

Soon Douglas primarily leases tower cranes and trades in spare parts for the construction, mining and shipbuilding industries. It operates a fleet of 49 tower cranes in Singapore and owns two mobile cranes and a 12,700 square metre leasehold premises.

Ang Kah Hong, TWC chairman and managing director, said, “It will also strengthen our position as a heavy lift company and enable us to build up another arm that we are confident will contribute positively to our operations.”

Thanks to the current growth in the oil and gas sector, Ang was upbeat about the future. “TWC has a strong presence in the Asia Pacific region and currently has over 200 cranes deployed in the region,” Ang commented.

“The upturn in Singapore's construction industry and the expected strong demand for industrial developments such as petrochemical plants, residential projects, ongoing developments in the Orchard Road area and the business financial centre, and the two Integrated Resorts all point to a positive outlook for TWC at home,” Ang added.

Outside Singapore TWC has regional presence, notably in Malaysia, China, Thailand, Indonesia, the Philippines and the Middle East. Earlier this year TWC laid claim to being the first Singaporean company to be awarded an investment licence to run a 100% foreign-owned business in the Kingdom of Saudi Arabia (IC Feb 07 News, page 6).