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Tiong Woon Corporation Holding Ltd
Tiong Woon rents out heavy cranes and provides the hauling, lifting, and installation muscle that big construction, oil and gas, and marine projects need.
Tiong Woon is a heavy-lifting and haulage company. If a project needs to move something enormous — a 500-tonne bridge section, a giant shipyard module, or a piece of a petrochemical plant — Tiong Woon supplies the cranes, the trailers, and the crews that do the lifting and shifting. Its customers are the contractors and industrial companies running those projects, mostly in Singapore and across Asia, and increasingly in the Middle East.
The business runs on owning assets that are expensive and hard to operate. A crawler crane can cost millions, and the customers who need one usually only need it for a few weeks or months, so buying and maintaining it makes little sense for them. Tiong Woon spreads that cost across many projects and adds the skilled operators who actually run the machines. It also does fabrication and installation work, and operates shipyards in Singapore and Batam, Indonesia, where it builds and services vessels and does marine engineering — the yard and the crane fleet feed each other, since one division's work often needs the other's equipment. Like most equipment renters, Tiong Woon is cyclical. When construction and oil and gas spending boom, utilization and rental rates climb and profits can jump fast; when projects dry up, the cranes sit idle while depreciation and maintenance bills keep coming. That's why its results swing around so much. A big shift in recent years has been its push into the Middle East, especially Saudi Arabia, where massive infrastructure and energy projects have created strong demand. Tiong Woon has grown its fleet and presence there to ride that wave, which has helped offset softer conditions in some Asian markets.
Tiong Woon is a family-controlled company — the Ang family has led it for decades — and it has chosen to pay out a meaningful chunk of profits as dividends rather than hoard cash, which suits a business that doesn't need to plow everything back into new equipment every year. It's a small, unglamorous company, but it sits on a real competitive edge: a large, specialized fleet plus the know-how to operate it safely. Its main risk is simple — the demand for giant lifts depends on other people's big projects, and when those slow down, there's only so much a crane can do.
Saved answer · last researched 10 Nov 2026
BIG PICTURE
The world's 15th-largest crane owner is the only one in Southeast Asia you can buy shares in
- 15% Tiong Woon's rank among global crane owners
- 85% Crane owners ranked above it
Tiong Woon is the 15th-biggest crane owner on the planet, with a fleet of 579 cranes that can lift up to 2,200 tonnes. Its rivals at that scale, names like Mammoet and Sarens, are privately held. Tiong Woon is the only heavy-lifting crane company in Southeast Asia whose shares trade on a public market, so investors can own a piece of the machinery behind the region's big building jobs. Source: NextInsight, data from 2026
Timeline
Tiong Woon Starts in Heavy Lifting
Tiong Woon began in Singapore in 1978 as a heavy lift and haulage specialist. Its job was simple to describe but hard to do: move very big, very heavy things for oil and gas, petrochemical, infrastructure and construction projects. That meant cranes and trailers doing work ordinary trucks could never handle.
The Ang Family Takes the Wheel
For most of its life, the company has been led by the Ang family, with Kah Hong Ang as Executive Chairman. Under the family's hand, it grew from a local specialist into a regional heavy lift player.
A Listing on the Singapore Exchange
In 2000, Tiong Woon listed on the Singapore Exchange. Going public gave it money from outside investors, which it used to expand its fleet of cranes and marine assets — the machines that do the actual lifting.
Michael Ang Becomes CEO
In 2020, Guan Hwa Ang, known as Michael, took over as CEO and Executive Director. A new generation of the founding family was now running the group day to day.
A Strategic Alliance in 2023
Near the end of 2023, the company announced a strategic alliance and an asset acquisition. The move was meant to strengthen its market position and set up the next stage of growth.
From Crane Rental to Lifting Solutions
Tiong Woon then began repositioning itself beyond plain crane rental, toward integrated lifting engineering and project solutions. It set a target of more than S$200 million in annual revenue by 2030 and pushed into Thailand, India and Saudi Arabia. Revenue was already climbing, from S$112.9 million in FY2021 to S$163.5 million in FY2025.
Record Revenue and a Global Ranking
The plan showed up in the numbers: FY2026 brought record revenue of S$187.7 million, up 15%, and profit of S$23.9 million, with the dividend raised 43%. The company also ranked 15th on the IC100 global crane index, with a S$400 million asset base spread across 12 countries.