Unions Steel has acquired Transvictory Offshore & Marine in an S$15 million deal, while Israel and Singapore are exploring joint technology projects worth S$8.2 million.
Union Steel acquires Transvictory in S$15m deal
Singapore-based metal recycling firm Union Steel Holdings will acquire the Transvictory group of companies – Transvictory Holdings, Transvictory Winch System, and Steadfast Offshore & Marine – for S$15 million ($10.8 million).
Transvictory is a provider of products and engineering services, mainly winches, crane, and deck equipment.
Foraying into the offshore and marine industry, Union Steel intends to tap on Transvictory’s existing customer networks and operational synergies.
Union Steel executive chairman and CEO Ang Yu Seng stated: “Although Transvictory deals with the oil and gas sector which is going through tough times, this has resulted in a fairer valuation of their assets. We see the potential recovery of their earnings when the oil and gas market stabilises.”
Transvictory will contribute an additional S$15 million to the group’s net asset value. As at end March, Union Steel had cash and cash equivalents of $28.3 million, and a net gearing level of 18.6 per cent.
Israel-Singapore joint tech projects worth $8.2m
Technological and economic ties between Israel and Singapore are set to strengthen, as officials from various governmental agencies and statutory boards of the two states met on 18 May 2016, Wednesday. They discussed joint projects with an estimated investment of $8.2 million.
Both countries already maintain extensive joint R&D efforts through Singapore Israel Industrial Research and Development Fund – run by the Israel Innovation Authority at the Israeli Ministry of Economy and Industry and the Economic Development Board of Singapore.
SIIRD has been ongoing for 19 years, connecting companies from both countries, and research institutes. Some industry verticals covered include software, fintech, medtech, biotechnology and agritech. Today, the fund approved more than 150 joint projects at an estimated total cost of $170 million.
Some senior Israeli officials in attendance for the meeting were the chairman of the Israel Innovation Authority and Chairman of the Fund Avi Hasson, Israeli Ministry of Economy Director General Amit Lang and the deputy director of the National Budget Department at the Israeli Ministry of Finance, Shira Greenberg.
Hasson said, “Technological cooperation between Israel and other countries on research and development, especially with technologically advanced countries like Singapore, highlights Israel’s prominent position as a technological leader and the influence of Israeli technology on the entire world.”