SINGAPORE (Dec 2): Building construction company Sysma Holdings announced Monday that it is acquiring a clutch of companies for a total of $30.4 million.

Wholly-owned subsidiary Sysma Jade has entered into separate share purchase agreements to acquire KH Engineering (KHEL), including its wholly-owned subsidiaries, Kian Hock Engineering and Kian Hock Piling, as well as KH Instrumentation (KHIPL).

The target group of companies is principally engaged in the business of providing services in relation to foundation works and building construction, as well as soil investigation, treatment and stabilisation in Singapore.

Sysma says it believes the proposed acquisition is a suitable opportunity to grow the group’s business strategically and strengthen its future financial performance.

It adds that the proposed acquisition will also enable the company to diversify its revenue streams and to substantially increase its asset base and the scale of its business operations.

The proposed acquisition will be funded through internal resources, the group says.

Following the completion of the proposed acquisition, the target group will become indirect wholly-owned subsidiaries of Sysma Holdings.

Shares in Sysma closed flat at 17.8 cents on Monday.