Temasek unit takes stake in Singapore maker of eco-friendly bathroom products

Temasek Holdings' wholly-owned unit Heliconia Capital Management has taken a stake in Rigel Technology, a Singapore firm that designs and makes green restroom and bathroom products.

Rigel did not disclose the value of the investment but said Heliconia would have a "significant minority position" in the company, which was set up in 1991 and has offices in Malaysia, China and Vietnam.

In a press release on Thursday, Rigel said it will use the investment proceeds to build up its product innovation, research and development, manufacturing and regional sales capabilities.

"Our partnership with Heliconia is a significant milestone in our growth story. As a home-grown SME (small or medium-sized enterprise), we are delighted that our new partner will be joining us as we continue to expand regionally and fly the Singapore flag all across the world," said Rigel's managing director Christopher Ng.

Heliconia chief executive officer Derek Lau said Rigel is well-positioned to benefit from the "unprecedented urbanisation" and rapidly-growing middle class in Asia.

"Companies with strong brand power and innovative products can capture these growth opportunities. We believe Rigel has the potential to grow in Asia and is well positioned to take advantage of these trends," he said.

Rigel's products include proprietary LED hydro power faucets and showerheads, intelligent restroom systems, and self-cleaning anti-bacteria sanitary ware.

The company has completed major projects at Changi Airport, Marina Bay Sands and Singapore Sports Hub, as well as in the Kuala Lumpur International Airport in Malaysia, Tianjin Eco-City in China and Mall Plaza Egana in Chile.

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