TAT executives increase stake in See Hup Seng

Headquartered in Singapore, TAT Petroleum Pte. Ltd. Chairman Tan Thoo Chye and Deputy Chairman Ang Keng Boon have increased their stake in See Hup Seng, a leading provider of corrosion prevention services to the marine, oil and gas, construction and infrastructure industries in Singapore. This comes after See Hup Seng completed the acquisition of the remaining 49% stake in TAT Petroleum for US$28.4 million via US$13.3 million in cash and the issue of 54 million new shares at US$0.28 each.  See Hup Seng first acquired a 51% stake in TAT Petroleum in 2007 to diversify from the cyclical nature of its core business. TAT distributes petroleum-derived products and provides value-added services, including the blending and packaging of refined petroleum products into pails, drums or intermediate bulk containers. See Hup Seng CEO Thomas Lim sees TAT broadening its product range by securing additional master distribution contracts in the region from key supplier ExxonMobil. (August 30, 2010)