PETALING JAYA: Dynaciate Engineering Sdn Bhd has emerged as the largest shareholder of Tatt Giap Group Bhd after it raised its stake to 29.74% from 12.95% previously.
According to Tatt Giap, Dynaciate Engineering’s move further reinforces its commitment to elevate Tatt Giap’s growth and performance while delivering more value to shareholders.
Tatt Giap executive director Khoo Song Hen, who is also managing director of Dynaciate Engineering, said it has solid plans and strategies to give a boost to the group’s momentum to progress further.
“However, in order for our plans to be executed seamlessly and materialise successfully, we need to ensure that our voice is strong enough. Thus, we made a decision to increase our stake in the group,” he said in a statement.
“With this, we are confident that the group’s upcoming new ventures and undertakings will prove to be fruitful pairing it together with existing Tatt Giap’s industry experience and expertise,” he added.
He said the group will now have a full stream of businesses, from manufacturing of steel products to engineering and construction of plants and facilities for the oil and gas and refining, chemical and chemical products, oleo-chemicals as well as pharmaceutical and food processing industries.
Dynaciate Engineering made its entry in Tatt Giap on Nov 9, 2018 with a 12.95% stake, after it acquired 22.1 million shares at 31 sen per share via direct business transactions. A few days after Dynaciate Engineering’s entry, the group announced its intention to rebrand itself as Dynaciate Group Berhad.
For the financial year ended June 30, 2017, Dynaciate Engineering registered a revenue of RM236 million, with plant and facility construction contributing 66.6%, workers accommodation and facility construction contributing 25.9%, steel fabrication contributing 4.1% and others contributing 3.4%.
Source: The Sun Daily