TA Corp. acquires BP lube distributor in Singapore

TA Corp. has bought the entire business of Sino Tac Resources, the exclusive distributor of BP lubricants in Singapore, for S$2.8 million (US$2.28 million), as part of the property and construction group’s strategy to widen its income base. Sino Tac, which had a net asset value of S$1.86 million (US$1.52 million), was jointly owned by SinoTac Group, whose owners included four TA Corp. directors.
In a filing with the Singapore Exchange (SGX), TA Corp., which was listed on the stock exchange last year, said the move was aimed at creating value for shareholders and served as a platform for its future growth in Southeast Asia. TA Corp. Chief Executive Neo Tiam Boon said the company plans to diversify its revenue streams by acquiring “earnings-accretive businesses” which will serve as a platform to explore opportunities in other high-growth industries.
Neo said Sino Tac has built a strong recognition of BP’s Castrol brand in Singapore. “We are optimistic of the new business unit’s growth prospects in the region,” he said.