Tat Hong Holdings Ltd., the largest crane-owning company in Asia Pacific, is considering selling its Australian business, according to people with knowledge of the matter.
(Bloomberg) — Tat Hong Holdings Ltd., the largest crane-owning company in Asia Pacific, is considering selling its Australian business, according to people with knowledge of the matter.
The Singapore-based company is working with a financial adviser on the potential divestment of Tutt Bryant Group, an Australian construction machinery and equipment firm, the people said. Tat Hong is seeking more than $500 million for the unit, said the people, who asked not to be identified as the process is private.
Deliberations are still at an early stage and there is no guarantee Tat Hong will proceed with the planned sale, the people said. Representatives for Tat Hong and Tutt Bryant didn’t immediately respond to requests for comment.
Founded in 1938, Tutt Bryant is an industrial services firm serving Australia’s construction, mining, engineering and trade sectors, according to its website. The company was listed on the Australian Securities Exchange in 2005, and taken private and delisted by Tat Hong five years later.
Crane and heavy equipment supplier Tat Hong was established in Singapore in the 1970s and has operations throughout the region, its website shows. Its fleet consists of more than 1,500 crawler, mobile and tower cranes, making it the largest crane-owning firm in Asia-Pacific in terms of aggregate tonnage, according to the website.
Tat Hong also owns the second-largest tower crane fleet in China, its website shows. The China business, Tat Hong Equipment Service Co., raised about $83 million in its Hong Kong listing in 2021.
–With assistance from Harry Brumpton.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.