Crane Owner Lifted to New Heights with $720m Payday

Must Read

Sources with insider information have revealed that Tat Hong Holdings, the leading crane-owning firm in the Asia Pacific, is contemplating selling its Australian wing.

A Singapore-based company is now consulting with a financial adviser to explore the prospects of divesting Tutt Bryant Group, an Australian construction machinery and equipment firm. It’s believed that Tat Hong seeks more than $US500 million ($720 million) for this unit – however, since the process remains confidential, sources have requested anonymity when speaking about it.

Talks regarding the potential sale of Tat Hong are still in their infancy, and there is no assurance that it will occur, according to sources. Neither representatives for Tat Hong nor Tutt Bryant replied to inquiries about the matter.

“Tat Hong’s Australian arm has enjoyed a long and successful run in the country, with its products being used in many notable construction projects,” said an industry insider. “The potential sale of Tutt Bryant could be a good move for Tat Hong if it nets them the projected amount.”

Established over 80 years ago, Tutt Bryant proudly serves Australia’s construction, mining, engineering and trade sectors. After a successful listing on the Australian Securities Exchange (ASX) in 2005, Tat Hong acquired the company five years later and took it off the ASX markets soon after.

Established in the 1970s, Tat Hong’s crane and heavy equipment supplier is based in Singapore, with operations scattered throughout the Asian-Pacific. Its fleet alone consists of more than 1500 crawler, mobile and tower cranes – making it Asia-Pacific’s largest provider for aggregate tonnage, as per its official website.

The Tat Hong conglomerate is proud to announce the ownership of China’s second-largest tower crane fleet, as shown on its website. Last year in 2021, the company raised approximately $83 million US dollars after successfully listing Hong Kong shares under Tat Hong Equipment Service.

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img