News Release : 2014
New Investment in Singapore-based COSMOSTEEL
Hanwa Co., Ltd. (Registered Head Office: Osaka, Japan; President: Hironari Furukawa; “Hanwa”) hereby announces on December 1 2014 its capital participation in Cosmosteel Holdings Limited (Head Office: Singapore; Chief Executive Officer: Ong Chin Sum; “Cosmosteel”), a company which distributes various steel products in Southeast Asia region. Hanwa will subscribe Cosmosteel’s third party allotment and purchase entire shares of Mr Ong Chin Sum. Hanwa will hold an interest of 28.45% in Cosmosteel upon completion of the two transactions, and both companies enter into strategic partnership.
Established in 1984 and listed on the Singapore Stock Exchange in 2007, Cosmosteel is a leading company which supplies and distributes various steel products in Singapore and Southeast Asia. Cosmosteel has an extensive range of pipes, fittings and flanges with more than 25,000 line items in its own 420,000 sq. ft. warehouse.
With strategic partnership with Cosmosteel, Hanwa expects synergy effects from each strengths accumulated through different business expertise, expands its steel business in the region with very strong economic prospects, and aims at setting up its bridgehead to build “Another Hanwa in Southeast Asia”
COSMOSTEEL HOLDINGS LIMITED
|Name||COSMOSTEEL HOLDINGS LIMITED|
|Chief Executive Officer||ONG CHIN SUM|
|Net Sales||SGD 157,642,000|
|Listed||Singapore Stock Exchange Mainboard|