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Singapore, London firms buy majority stake in Penang-based EngTek Group

Singapore, London firms buy majority stake in Penang-based EngTek Group

18 May 2023

PrimeMovers Equity, a Singapore-based private equity firm, and Lingotto Investment Management, a London-based investment management firm, are buying a majority stake in Penang-based EngTek Group.

PrimeMovers and Lingotto today announced definitive agreements on the acquisition in a deal valuing EngTek at about S$150 million.

EngTek is a leading die casting and precision machining components manufacturer.


Founded by Datuk Teh Ah Ba in 1974, the company is a manufacturing stalwart of the local business community and has been servicing global multinational corporations for over 50 years. 

Its custom precision engineering components cater to a wide range of high-growth industries in the region, including heating, ventilation and air conditioning, semi-conductor, automotive, and telecom. 

Datuk Teh Yong Khoon is the current chief executive officer and chairman of rhe company, and will continue in his roles post-transaction.

PrimeMovers, together with Lingotto as co-investor, will buy the majority stake in EngTek

Enzo II Holdings Pte Ltd, a special purpose vehicle established and managed by PrimeMovers, will buy a  27 per cent stake 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 PrimeMovers and Lingotto’s majority stake in EngTek will be acquired from Datuk Teh Yong Khoon for an undisclosed amount.

Teh and the existing senior management team will retain a meaningful minority stake in the vompany post-transaction.

PrimeMovers and Lingotto said closing of the transaction was expected in the second quarter of 2023, subject to shareholder and regulatory approvals, and customary closing conditions.

“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 Soo Jin Goh, co-founder and CEO of PME. 

“The acquisition serves as a strong foundation for EngTek’s future expansion, and we are fully committed to help the company grow both organically and through bolt-on acquisitions.”

Ashish Kaushik, partner at Lingotto, said EngTek was well-positioned to capitalise on Southeast Asia’s growing importance in the global supply chain.

Source: NST