Taiyo Nippon Sanso (TNSC) has successfully completed the acquistion of the Singaporean gas distributor Leeden after January’s take over bid was completed.
TNSC acquired a total of 170,607,865 shares that accounts for 95% of the entire amount available. The takeover bid was carried out at the price of 0.57 Singaporean dollars (S$) per share, equating to a cost of S$758m. Consequently Leeden has been removed from the stock exchange list.
Leeden was established in 1964 and has been engaged in the gas business handling mainly deals involving gas cylinders. The company has filling stations in Malaysia and Indonesia as well as in Singapore, and also has businesses operating bases in Indonesia, Thailand, Philippines, Vietnam, China and Australia.
TNSC now plans to expand its business in Thailand, Vietnam and the Philippines – as well as in Singapore and Malaysia.