Union Steel Holdings Limited (SGX:BLA) entered into a non-binding term sheet to acquire Fastweld Engineering Construction Pte Ltd from Kor Chye Thiam and Ng Hui Keow for SGD 2.5 million on August 5, 2022. Pursuant to the Term Sheet, the aggregate consideration in respect of the Sale Shares to be paid upon completion of the Proposed Acquisition SGD 1.25 million and SGD 1.25 million to be paid twelve months after the completion date of the Proposed Acquisition. The transaction is subject to Definitive agreement , obtaining Financing, Consummation of Due diligence investigation, Approval of offer by acquirer board, Execution of Employment agreement. As on November 25, 2022, Union Steel Holdings Limited (SGX:BLA) entered into a sale and purchase agreement to acquire Fastweld Engineering Construction Pte Ltd from Kor Chye Thiam and Ng Hui Keow for SGD 2.5 million. The Consideration will be funded by internal resources.

Union Steel Holdings Limited (SGX:BLA) completed the acquisition of Fastweld Engineering Construction Pte Ltd from Kor Chye Thiam and Ng Hui Keow for SGD 2.5 million on November 25, 2022.