See Hup Seng inks deal to acquire Axxmo International

The agreement was worth S$1.3m.

According to a release, See Hup Seng Limited announced it has entered a conditional sale and purchase agreement to acquire Axxmo International Pte Ltd for S$1.3 million to strengthen its Refined Petroleum business.

Established in 1993, Axxmo is the master distributor in Singapore for a petroleum-based waterproofing product of a major producer.

The petroleum-based waterproofing product is widely used in the waterproofing and protection of residential, industrial and commercial roofs. In Singapore, there is high usage of petroleum-based waterproofing products in re-roofing projects for public housing. While there are presently three main suppliers of such waterproofing products for public housing re-roofing projects, the brand that Axxmo distributes has a dominant share of this market.

Said Mr Thomas Lim, Executive Chairman of See Hup Seng, “The Acquisition, when completed, shall mark our third initiative this year to strengthen our RP business. Earlier this year, we secured a contract to distribute a new product, asphalt, and also entered into a joint venture to set up an Integrated Chemical Hub which is complementary to our product distribution business.”