Dyno buys out subsidiary

Dyno buys out subsidiary

OSLO (Reuter): Norwegian chemicals company Dyno Industrier A/S said it had bought the remaining 26 percent stake in its Singapore operations from the Development Bank of Singapore for S$32 million (140 million crowns).

Dyno Industries (S) Pty Ltd is now a wholly owned subsidiary of the Norwegian group.

"With Dyno Singapore now wholly owned, Dyno also strengthens its ownership interest in relation to its joint ventures in Malaysia and Indonesia," Dyno said in a statement.

In 1994 the company's Southeast Asia operations had a total turnover of 810 million crowns.