French LNG engineering company GTT has acquired a 75% stake of Singaporean tech firm Ascenz.
Ascenz, founded by Chia Yoong Hui and Sia Teck Chong in 2008, specialises in operational monitoring and performance optimisation systems for vessels that enable owners to achieve fuel savings and compliance with environmental standards.
Philippe Berterottière, chairman and CEO of GTT, said: “This is a particularly important new phase for us. The two companies’ complementarity will contribute to accelerate the Group’s development in services. With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide ship-owners with even more compelling solutions.”
Completion of the deal is expected to take place imminently and Chia and Sia will retain a 25% stake in the company and continue their management roles.