In two separate business developments in Singapore, pressure control provider KOP Surface Products has been acquired by Scottish engineering company Weir Group, while PropNex Realty and Dennis Wee Group (DWG) signed a merger to form the largest local property agency.
Weir unit buys out KOP for $114m
Weir bought KOP from Akastor ASA, a Norwegian investor in oilfield services.
The deal also marked Weir’s entry into Asia as KOP provides advanced pressure control wellhead technologies, systems and services in Southeast Asia, with an emerging business in the Middle East. The acquisition is expected to complete in the third quarter of 2017.
Weir Oil & Gas president Paul Coppinger said that through this acquisition KOP will be able to expand its pressure control offering even further, building on Weir’s traditional strengths in North America and the Middle East.
KOP employs 450 people and is a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry. Headquartered in Singapore, KOP has a manufacturing facility in Batam, Indonesia, in addition to a network of sales and service offices in Malaysia, Thailand, Vietnam, Qatar, UAE, Saudi Arabia and India.
KOP’s current management team will continue to lead the business, reporting into Weir’s Oil & Gas division which is already a global leader in pressure pumping.
PropNex, DWG merge as largest SG property agency
PropNex Realty CEO Ismail Gafoor said the merged company stands to capture almost 50 per cent of the residential market share in Singapore.
Financial terms were not disclosed. The transition is slated to be completed by end of July.
“We can look forward to match clients to their dream homes more effectively than ever, with a larger network of professional salespersons under our wing,” Gafoor said.
DWG chairman Dennis Wee and his son DWG executive director Denka Wee, will soon become senior strategic partner, and strategic partner of PropNex, respectively.
DWG has 1,077 salespersons under its pipeline who will be transferred to PropNex Realty. However, DWG will remain a separate entity with its own valuation, investment, and development arms. The firm also markets properties in Thailand and Japan.