Eneco Energy to buy Fastweld Engineering in $4.3m diversification move

This will expand the group into industrial engineering as it looks beyond logistics.

Eneco Energy Limited will acquire 100% of Fastweld Engineering Construction Pte. Ltd. for $4.3m through its subsidiary Eneco Singapore Pte. Ltd., the company said on 24 April.

The price was agreed on a willing-buyer, willing-seller basis, taking into account the company’s net assets, financial results and an independent valuation.

Fastweld Engineering provides industrial engineering services, including installation of machinery, mechanical engineering works, and engineering consultancy.

Based on its audited financial statements for the year ended 30 June 2025, Fastweld had net assets of about $2.27m.

The deal is subject to shareholder approval, regulatory clearance from the Singapore Exchange, and completion of due diligence, among other conditions.

Eneco said the acquisition is also classified as an interested person transaction due to Union Steel Holdings’ shareholding in both Eneco and Fastweld.

The company said the acquisition supports its plan to expand beyond logistics into related industrial businesses.

“While the logistics business remains a key pillar of the Group, the Board has been exploring opportunities to diversify the Group’s business portfolio and revenue base,” it said.

Fastweld’s operations are seen as complementary to Eneco’s logistics business, especially in industrial project environments.

Pro forma figures show net tangible assets per share falling from 0.88 cents to 0.80 cents after the acquisition.

Eneco said it will seek shareholder approval at an extraordinary general meeting, with details to be provided in a circular.

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