Sharechat Logo

Aussies buy Biolab from Tiongs

By Christine Nikiel

Friday 4th April 2003

Text too small?
Australian-listed Alesco Corporation is to buy Biolab, part of Salmond Smith Biolab and owned by one of Malaysia's richest families, for $53 million.

Through New Zealand manager Thomas Song, the Tiong family has been selling down divisions of SSB since its takeover in 1995 after the company had delisted.

Biolab is Australasia's biggest supplier and distributor of scientific instruments and goods but became a victim of the tech wreck.

Its e-commerce arm, an online marketplace called OneZone, collapsed in 2001 because of slow user uptake.

Another factor was its failure to secured any third-party equity.

SSB was a sharemarket favourite in the early 1990's when it bought into salmon farming but sorry performances from its fishing quotas ended in the Tiong takeover and the sale of all fishing assets.

Alesco will add Biolab to its building products, earthmoving tyres and automotive parts divisions.

The Alesco-SSB Overseas Investment Commission decision was the second biggest sale in February.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

thl outlines its growth roadmap
GNE - Agreements signed for Huntly capacity
Meridian signs Strategic Energy Reserve Agreement
August 4th Morning Report
Vector announces sale of HRV
GNE - 2025 ASM and closing date for director nominations
The Warehouse Group Appoints Chair
August 1st Morning Report
Infratil releases Climate Related Disclosures
The Warehouse Group Appoints Chief Digital & Transformation