See Hup Seng

See Hup Seng: Announced that the company is in preliminary discussions on possible transactions which involves the issue of shares in the company and acquisition of business. The development could be caused by the well-known boardroom tussle where key executives of wholly owned subsidiary TAT Petroleum threatened to quit upon the recent appointment of Thomas Lim as executive chairman of the group. See Hup Seng is one of the leading players in the corrosion prevention and refined petroleum distribution industries. Its proven capability in corrosion prevention services is underlined by its status as a resident contractor for premier shipyards in Singapore. In a bid to move the petroleum business upstream and to grow its scale, the group made a $27m investment to build an integrated chemical hub in Singapore through a 51% owned JV back in Mar '12 and is due for commencement of operations in 2015. Counter currently trades at 15.8x trailing P/E.