Koon Holdings has entered the public housing market with a S$3.75 million acquisition.
Koon, together with JKM Engineers, have bought ECI Corporation (ECIC) from Jasper Investments.
The sale and purchase agreement is valued at S$5 million.
Koon will have a 75 per cent stake in ECIC while JKM holds the remaining 25 per cent.
ECIC is an approved precaster for Housing and Development Board (HDB) projects.
The company’s grading allows it to tender for public and private projects of an unlimited value.
ECIC’s wide range of precast products can be found in a series of HDB developments and upgrading works at Punggol, Sengkang and Clementi.
The firm currently has projects on hand worth an estimated S$10.9 million.
The acquisition was completed on March 25 and is expected to have a positive impact to the group’s performance for the current financial year.
Source : Channel NewsAsia – 25 Mar 2010