Singapore’s Pan-United Corporation, Singapore’s largest supplier of ready mixed concrete and cement, has entered into a sale and purchase agreement with Sedgefield Corporation to sell subsidiaries Pan-United Shipping and P.U. Vision.
The two subsidiaries make up the company’s tug and barge business, which owns 12 tugboats and 10 barges for the transportation of dry cargo around Southeast Asia.
The sale price was agreed for S$29.9m ($21.8m) on a willing-buyer and willing-seller basis. The buyer, Sedgefield Corporation, is fully owned by Jane Ng, Ng Bee Bee and Ng Han Whatt, the controlling shareholders of Pan-United.
The company says that the shipping business has been incurring losses since 2013, including a net loss of S$4.1m ($3m) for the first half of 2016.