M&V Pte Ltd acquired by Furniweb
Measurement & Verification (M&V) Pte Ltd was fully acquired by Furniweb Holdings Limited on 29 August 2022.
Listed on the Hong Kong Stock Exchange, Furniweb Holdings Limited is a Malaysia-headquartered manufacturer of covered elastic yarn and furniture webbing. PRG Holdings Bhd, listed on the Malaysia Stock Exchange, is the holding company of Furniweb Holdings Limited, and holds 50.45% of the shares. M&V Pte Ltd Chairman, Dato Simonn Ng Yan Cheng, is the largest shareholder of PRG.
M&V Pte Ltd is an established energy services company accredited by the National Environment Agency of Singapore. The company has a proven track record in saving energy costs by up to 30 per cent and offering return on investment of up to 50 per cent. M&V Pte Ltd manages more than 130,000 refrigeration tons of installed air-conditioning capacity for data centres, semiconductor factories, airport terminals, hotels, shopping malls, and office buildings in Singapore. The company’s footprint has extended overseas as well, and its energy solutions have been deployed across Asia, including Malaysia and Myanmar. Comprehensive energy audits have also been conducted for clients in China, India and the Philippines.
The acquisition, having brought M&V Pte Ltd under the umbrella of Furniweb Holdings Limited and PRG Holdings Bhd, will allow M&V Pte Ltd to develop into an even more attractive company for clients and employees alike as its financial strength and credibility have been greatly enhanced.
The acquisition will enrich M&V Pte Ltd’s growth prospects and facilitate its expansion in Malaysia as well, where it can leverage PRG Holdings Bhd’s branding and network of business contacts.
“Energy efficiency services is a growing industry, and M&V Pte Ltd’s prospects are favourable. We expect double-digit growth annually for the next three years given the strong market demand for our services and our superior strengths and track record,” shared Er Steven Kang, Managing Director of M&V Pte Ltd.