On Sep 12, executive director Ang Yew Chye acquired 45,000 shares at S$0.95 per share. With a consideration of S$42,750, this increased his direct interest in the multi-business investment holding company from 10.92 per cent to 11.04 per cent. It followed his acquisition of 41,500 shares at S$0.90 per share on Sep 4, and 39,500 shares at S$0.86 per share between Aug 29 and 30.

 

Ang is responsible for the day-to-day operations and management of the companies and has more than 30 years of experience in the scrap metal recycling business.

On Sep 4, Union Steel Holdings executive director Ang Yew Chye acquired 41,500 shares at S$0.90 per share.

 

With a consideration of S$37,348, this increased his direct interest in the multi-business investment holding company from 10.82 per cent to 10.92 per cent.

 

This followed his acquisition of 39,500 shares at S$0.86 per share between Aug 29 and 30.

 

Ang is responsible for the day-to-day operations and management of the companies and has more than 30 years of experience in the scrap metal recycling business.

Between Aug 29 and 30, Union Steel Holdings executive director Ang Yew Chye acquired 39,500 shares at S$0.86 per share. With a consideration of S$33,952, this increased Ang&rsquo s direct interest in the multi-business investment holding company from 10.72 per cent to 10.82 per cent.

 

Ang is responsible for the day-to-day operations and management of the companies and has more than 30 years of experience in the scrap metal recycling business.

 

On Aug 25, Union Steel Holdings reported its H2FY23 (ended Jun 30) revenue increased by 32 per cent from H2FY22. The revenue increase for both its H2FY23 and FY23 were mainly attributable to the growth of the engineering and scaffolding segments.

 

The group has also expanded into complementary business segments within the offshore, marine, and oil & gas industries since FY22. The acquisitions of BTH Group in May 2022, Promoter and Marshal Group in July 2022 and Fastweld Engineering in November 2022 have diversified the group&rsquo s revenue streams and contributed to the large revenue increase from the engineering segment.

 

Union Steel Holdings also noted that the construction sector&rsquo s sustained strength, combined with some backlog of workloads caused by the previous Covid-19 pandemic, has led to an increased demand for scaffolding services.

 

In the meantime, the group&rsquo s metal sector, particularly the steel market, has experienced some softening in pricing for both new steel and scrap metal since the end of FY22.

 

Ang Yew Chye, the co-founder and executive director of Union Steel BLA 0.00% , has acquired 36,000 shares in the company for $30,942.36 or 85.95 cents each.

 

The purchase, which was made via the market on Aug 29, ups Ang&rsquo s stake in the company to 10.81% &ndash or 4.22 million shares &ndash from 10.72% previously.

 

Ang has purchased shares in Union Steel from the market on three other occasions, in between the company&rsquo s results for the 1HFY2023 and FY2023 ended June. Union Steel released its 1HFY2023 and FY2023 results on Feb 13 and Aug 25 respectively.

 

On June 22, Ang bought 67,500 shares from the market for $51,812.33 or 76.76 cents each. He then acquired another 34,700 shares for $28,026.84 or 80.77 cents apiece on June 27. On July 3, Ang bought 8,100 shares from the market for a total sum of $6,520.50 or 80.5 cents each.

On Jul 3, Union Steel Holdings : BLA -5.26% executive director Ang Yew Chye acquired 8,100 shares at an average price of S$0.805 per share. With a consideration of S$6,521, this increased Ang&rsquo s direct interest in the multi-business investment holding company from 10.70 per cent to 10.72 per cent. Ang is responsible for the day-to-day operations and management of the companies and has more than 30 years of experience in the scrap metal recycling business.

Union Steel Holdings, on Nov 26, announced that it will be acquiring the entire issued and paid-up share capital of Fastweld Engineering Construction for a total consideration of $2.5 million.

 

The news comes after Union Steel entered into a non-binding term sheet with Fastweld on Aug 5.

 

The sale and purchase agreement (SPA) was entered into by Union Steel&rsquo s wholly-owned subsidiary, Union Engineering and Fastweld on Nov 25.

 

Fastweld Engineering Construction is a Singapore-incorporated company that is in the business of installing industrial machinery and equipment, as well as mechanical engineering works. It also does process and industrial plant engineering design and consultancy services.

 

According to Union Steel, Fastweld&rsquo s book value and net tangible asset (NTA) value of its shares are approximately $6.002 million each for the FY2021 ended Dec 31, 2021.

 

Based on Fastweld&rsquo s latest financial statements for the period ended Oct 31, the company&rsquo s book value and NTA of its shares are approximately $1.55 million each.

 

According to Union Steel, the acquisition is an &ldquo attractive investment opportunity&rdquo for the company to diversify its revenue streams. It is also in line with its plans to expand into complementary businesses within the marine, offshore and oil & gas industries.

 

In addition, the acquisition will enable the company to &ldquo further strengthen its competitive advantage, value proposition and provide more holistic engineering solutions to its customers&rdquo .

 

Of the total consideration, 50% was paid on the date of the completion, whereas the remaining 50% will be payable within 12 months of the completion of the acquisition.

 

The sum will be funded by internal resources.

 

The acquisition was completed on Nov 25, on the same day the SPA was signed.

 

Union Steel Holdings has, through its wholly-owned subsidiary, disposed of its 70%-owned subsidiary, Megafab Engineering, for a consideration of $3 million.

 

On Sept 26, Union Engineering, the wholly-owned subsidiary of SGX-listed Union Steel Holdings, together with Low Keng Kee Sebastian, entered into a non-binding term sheet with Manzu Wang.

 

Low owns the remaining 30% interest in Megafab Engineering, a company that was incorporated in May 1993 and provides land transport load handling engineering solutions. Megafab Engineering is the sole distributor in Singapore for products from equipment companies such as Effer, Hiab, Mutilift, Zepro and Geesinknorba. It also offers a wide range of specialised load handling equipment and components including truck-mounted cranes, tailgate systems and waste compactors.

 

The term sheet has set out the broad key terms and conditions of the proposed disposal. It will form the basis for discussion between the parties for a definitive share purchase agreement (SPA) and ancillary documents. The SPA and documents should be signed no later than six weeks from the date of the term sheet.

 

According to Union Steel Holdings, the purchaser, Wang, specialises in property investment and management, and wholesale trading in China.

 

She has a deep interest in heavy equipment and trucks and therefore approached Union Steel Holdings Limited to acquire Megafab Engineering Pte Ltd.

 

In turn, the proposed disposal will allow Union Steel to realise its investment value in Megafab Engineering for the benefit of the company&rsquo s shareholders.

 

The move will also allow the group to focus on its oil and gas engineering business, which has the potential to provide a regular and growing revenue stream, says the group.

 

Some of the terms of the proposed disposal include Megafab Engineering&rsquo s current employees being retained for a period of at least 12 months upon the completion of the disposal.

 

On Nov 1, Union Steel Holdings Union Steel: BLA -3.57% co-founder and executive director Ang Yew Chye acquired 380,000 shares of the company for a consideration of S$266,000 at 70 cents per share.

 

This took his direct interest from 9.40 per cent to 10.36 per cent. This was Ang' s first acquisition in the company since late April.

 

Ang is the co-founder of the group and was appointed executive director in August 2004.

 

He is responsible for the day-to-day operation and management of the companies and he has more than 30 years of experience in the scrap metal recycling business.

 

For its FY21 (ended Jun 30) Union Steel Holdings achieved a net profit of S$7.7 million, a turnaround from the net loss of S$7.8 million in FY20.

 

The multi-business investment holding company has three primary business drivers - metals, scaffolding and engineering.

 

The two largest shareholders of Union Steel Holdings are its chairman, Ang Yu Seng with a 34.85 per cent interest, and substantial shareholder Sam Goi Seng Hui with a 21.80 per cent interest (as at Sep 16). Goi' s son, Goi Kok Ming, also serves as a non-executive director of Union Steel Holdings.

 

Ang Yu Seng noted last month that the metals division is the main revenue contributor of the group, accounting for nearly two-thirds of total group revenue.

 

He also noted that the outlook for metal prices is forecast to remain stable with some upward pressure in the near term, adding that the group is positive that this division will continue to be a significant contributor in the current and next financial year.

Union Steel has announced the signing of a non-binding term sheet to acquire the entirety of BTH Holdings for $17 million. 

BTH Holdings is a company that is in various businesses catering to the offshore oil and petroleum industries. These businesses include the installation of industrial machinery and equipment, manufacture of pressure vessels, heat exchangers and plant and metal fabrication.

 

Union Steel believes that this acquisition &ldquo represents an attractive investment opportunity which will diversify its revenue streams.&rdquo  

 

It added that this is in line with its expansion plans into complementary business areas within the marine, offshore and oil & gas industries through strengthening its engineering and manufacturing capabilities.

 

Union Steel also believes that this will strengthen its competitive advantage, value proposition and provide a holistic engineering solution to existing customers.

 

This will lead to it eventually gaining access to new markets, customers and business opportunities.

 

Under the term sheet, the consideration for the acquisition of all the shares will be $17 million, subject to adjustments to be agreed upon between the two sides. 

 

As of now, 10% of the $17 million has been paid by Union Steel as a deposit. If the acquisition does not occur, the deposit shall be refunded to the company &ldquo as soon as reasonably practicable&rdquo , or within seven days. 

 

If the acquisition is undertaken, it will be subject to shareholders&rsquo approval at an EGM, as well as Union Steel&rsquo s due diligence. 

 

Union Steel Holdings has reported earnings of $7.6 million in its latest FY2021 results ended June, reversing from a loss of $7.6 million in FY2020. 

 

The earnings came on the back of a 29.4% increase in revenue to $77.3 million from $59.7 million a year ago. This was mainly attributable to the growth in the metals&rsquo division and the engineering segment of marine deck equipment business.

 

International prices of new steel products started strengthening in the last quarter of 2020 due to a rising demand with tight supplies as the global economies recovered. This consequently pushed up prices in the metal recycling markets. The increased demand and the resulting price surge largely improved the metals&rsquo division&rsquo s sales. The progressive recovery of offshore activities also gave a significant boost to the group' s order book which contributed to the jump in the engineering segment. 

 

Other operating expenses saw a 69.7% decrease to $3.6 million from $11.9 million last year. The higher expenses in the previous financial year were due mainly to higher fair value losses on the investment property, impairment of goodwill, and loss allowance for trade receivables and write-down of inventories. These were significantly lower in FY2021.

 

As at end-June, cash and cash equivalents stood at $17.3 million. 

 

The board has declared a final dividend of 4 cents per share.

 

On April 9, Union Steel Holdings executive director Ang Yew Chye acquired 28,500 shares of the company for a consideration of S$12,255.

 

At 43.0 cents per share, this took his direct interest in the one-stop supply service firm for recycled ferrous and non-ferrous metals needs from 9.25 per cent to 9.33 per cent.

 

His preceding acquisition on April 5 saw Mr Ang acquire 23,000 shares at 40.0 cents per share.

 

Prior to this, Mr Ang had acquired 54,300 shares at an average price of 38.8 cents per share between March 17 and 24.

 

He is the co-founder of the group and was appointed executive director in August 2004.

 

He is responsible for the day-to-day operation and management of the group and has almost 30 years of experience in the scrap metal recycling business.

 

On April 5, Union Steel Holdings executive director Ang Yew Chye acquired 23,000 shares of the company for a consideration of S$9,200.

 

At 40.0 cents per share, this took his direct interest in the one-stop supply service for recycled ferrous and non-ferrous metals needs from 9.20 per cent to 9.25 per cent.

 

His preceding acquisitions between March 17 and 24 saw Mr Ang acquire 54,300 shares at an average price of 38.8 cents per share.

 

Mr Ang is the co-founder of the group and was appointed executive director in August 2004.

 

He is responsible for the day-to-day operation and management of the companies and has almost 30 years of experience in the scrap metal recycling business.

 

On March 17, Union Steel Holdings executive director Ang Yew Chye acquired 54,300 shares of the company for a consideration of S$21,052.

 

At an average price of 38.8 cents per share, this took his direct interest in the one-stop supply service for recycled ferrous and non-ferrous metals needs from 9.06 per cent to 9.19 per cent.

 

Mr Ang is the co-founder of the group and was appointed executive director in August 2004.

 

He is responsible for the day-to-day operation and management of the companies and has almost 30 years of experience in the scrap metal recycling business.

 

On Feb 9, Union Steel Holdings announced its H1FY21 (ended Dec 31) revenue inched up one per cent from H1FY20, due principally to higher contribution from marine deck equipment within the engineering sector, offsetting lower sales from the scaffolding business and mechanical engineering sector.

 

Between July 23 and 24, Union Steel Holdings co-founder and executive director Ang Yew Chye acquired 51,500 shares of the mainboard listed company for a consideration of S$19,900.

 

At an average price of 38.64 cents per share, this increased his direct interest in Union Steel Holdings from 8.92 per cent to 9.05 per cent.

 

This followed his acquisition of 68,500 shares at an average price of 39.76 cents per share on July 21.

 

Mr Ang has more than 30 years of experience in the scrap metal recycling business.

 

On July 21, Union Steel Holdings co-founder and executive director Ang Yew Chye acquired 68,500 shares of the listed company for a consideration of S$27,238.

 

At an average price of 39.76 cents per share, this increased his direct interest in Union Steel Holdings from 8.75 per cent to 8.92 per cent.

 

Union Steel Holdings is a multi-business investment holding company, with three primary business drivers, namely, metals, scaffolding and engineering.

 

The group started operations in 1984 as YLS Steel Pte Ltd, which was involved in the trading of ferrous scrap metal and since 1991, has been distributing construction steel through Union Steel Pte Ltd.

 

Appointed as executive director of Union Steel Holdings on Aug 12, 2004, Mr Ang has more than 30 years of experience in the scrap metal recycling business.

 

He is currently responsible for the day-to-day operations and management of the relevant companies.