Singapore-based BRC Asia Limited has received a filing acceptance from the Competition and Consumer Commission of Singapore to gain control of 90.45 percent of Lee Metal Group and delist the company from public trading. The tender for shares is expected to end on June 21.
BRC Asia said that it plans to maintain Lee Metal's business model and retain existing employees.
Lee Metal Group employees over 500 employees and has presence in Singapore, Thailand, Malaysia, Australia and Hong Kong. Lee Metal is a distributor, fabricator, and international trader of steel products including rebar and structural reinforcement solutions.
BRC Asia Limited has operations in Singapore, Malaysia, and China and has over 500 employees. Its product line includes rebar, wire and prefabricated steel reinforcement products and services.