Singapore: Aztech Group has acquired a 100% stake in Glenn Marine Logistics Base, for S$11m.
Glenn Marine, which is involved in the repair of ships, vessels, and tugs as well as marine logistic services provision, will be renamed AZ Marine Offshore Services. Its main asset is a Jurong Town Corporation leasehold property located at 15D Pandan Road with a market value of S$11.6m.
Established in 2008, AZ Marine is a fast growing offshore and marine company providing a wide range of marine services including ship management, vessel agency, ship chandling and ship brokerage services. It owns a fleet of 11 tugs, 9 barges, 2 self-propelled conveyor barges, 2 mooring boats and 1 passenger launch boat.
The acquisition of this large waterfront and yard facilities will strengthen AZ Marine’s vessel repair and maintenance works capability, allowing it to further develop its marine logistics business and expand into third-party repair, refurbishment and retrofitting works of vessels. [25/08/14]