CCCS seeks public feedback on Esteel's partial stake acquisition in HG Metal

The deal will give Esteel a 29% stake in HG Metal.

The Competition and Consumer Commission of Singapore (CCCS) called on the public to give feedback on Green Esteel’s proposed acquisition of new shares in HG Metal Manufacturing.

CCCS said it is studying whether the proposed transaction will result in less competition in any market in the city-state. 

Esteel proposes to subscribe to 34 million new ordinary shares in HG Metal, giving the former up to a 29% stake in HG Metal. The regulator said both parties assured that the two do not offer any overlapping goods or services.

However, CCCS noted that the two firms have some overlap in the processing and distribution of certain products in Singapore, such as rebar, cut and bend, prefab and mesh.

The public can share their feedback from 13 June until 26 June.