Seow Koon Pang acquired an additional 70% stake in ACEE Electric Pte Ltd from Raffles United Holdings Ltd for SGD 1.

Raffles United Holdings Ltd is a Singapore-based professional stockist, distributor and retailer of bearings and seals. The Company caters primarily to the Wholesale; Maintenance, Repair and Overhaul, and Original Equipment Manufacturers markets. Its segments include Bearings and Seals, and Property. The Bearings and Seals segment offers products that are used in various industries, such as the semi-conductor industry, the automobile industry and the construction industry. The Property segment is held for collection of rent, capital growth potential and/or provision of property related services and facilities, and the investment in or acquisition or disposal of shares or interests in any entity that holds property related assets, and property development activities that include the acquisition, development and sale of property related assets, and the investment in or acquisition or disposal of shares or interests in any entity that undertakes such property development activities.