WASEONG : [Stock Watch] [News]
WAH Seong is poised to strengthen its presence in the Middle Eastern countries through subsidiary Wah Seong International Pte Ltd's recent 60% acquisition of Dubai based Driltool International FZCO (DIF). DIF supplies oil field equipments to the Middle East's oil and gas industry. RHB Research in its notes said the group would be able to increase its income base and market share through the expansion into new products and services in the oil and gas industry abroad. The acquisition, however, is subject to Bank Negara's approval and slated for completion by year-end.
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