PrimeMovers, Lingotto To Acquire Majority Stake In EngTek For SGD150 Million

PrimeMovers Equity (PME), a Singapore-based private equity firm, and Lingotto Investment Management (Lingotto), a London-based investment management firm, today announced definitive agreements under which they will acquire a majority stake in EngTek Group (EngTek) in a transaction valuing EngTek at approximately SGD150 million.

EngTek is a die casting and precision machining components manufacturer based in Penang, Malaysia. Its custom precision engineering components cater to a wide range of high-growth industries in the region, including heating, ventilation and air conditioning (HVAC), semiconductor, automotive, and telecom. EngTek boasts capabilities across product design, prototyping, die casting, machining, testing, assembly and supply chain management.

“This investment in EngTek is a prime example of our focus on making proprietary and strategic partnership investments in the industrial manufacturing segment, where we provide capital as well as strategic and operational resources to support growth of the company,” said PrimeMovers Equity CEO Soo Jin Goh.

PME, together with Lingotto as co-investor, will purchase a majority stake in EngTek. Enzo II Holdings Pte Ltd, a special purpose vehicle established and managed by PME, will purchase a 27% equity interest in EngTek owned by Positive Carry Sdn Bhd. The sale consideration payable to Positive Carry will be in cash in the amount of RM120 million, payable in full upon completion.

The remainder of PME and Lingotto’s majority stake in EngTek will be acquired from EngTek CEO Dato’ Teh Yong Khoon for an undisclosed amount. Teh and the existing senior management team will retain a meaningful minority stake in the company post-transaction.

Closing of the transaction is expected in the second quarter of 2023, subject to shareholder and regulatory approvals, and customary closing conditions.

Previous articleThe 76th Festival de Cannes: Piaget Lights Up The Stars
Next articleRinggit Rebounds To Open Marginally Higher Vs US Dollar


Please enter your comment!
Please enter your name here