NGV Tech acquires stake in TKS

Malaysian shipbuilder NGV Tech has acquired a 66% equity interest in South Korean shipyard, TKS Co Limited. The $76 million deal means that TKS will become a subsidiary of NGV and will take on a new name, NGV Tech Shipbuilding Sdn Bhd.

The acquisition will enable NGV Tech to build bigger ships up to 200 metres long at competitive prices compared with the shipyard at Sijangkang, Selangor, which suffers due to its remote location and absence of heavy lifting facilities. NGV Tech recently announced its intention to supply Multi-Purpose Support Ships (MPSS) to the Royal Malaysian Navy. The Malaysian government plans to purchase at lease three such vessels.