Edinburgh-based Murray Capital has sold its Singapore-based Asian steel business Murray Energy Asia to the company’s management which is led by MD Teresa Chong.

The sale comes as part of Murray Capital’s move to consolidate its focus on UK markets, through its Murray Steels and Hillfoot Steel businesses.

“Teresa Chong has been at Murray Energy for eight years since the startup and has held a variety of leadership positions, most recently as managing director,” said Murray Capital.

“Teresa brings a wealth of industry knowledge and expertise to the company.

“She possesses a deep understanding of the supply chain mechanics and the key players in global steel distribution.”

Murray Capital MD David Murray said: “We are proud of the work that we have done with Murray Energy Asia.

“Over the past few years, we have succeeded in nurturing a thriving business in a complex operating environment, supplying customers with high-quality products.

“Teresa has been with the business since its early days, we could not think of a better person to take it forward.

“Her insights and strategic approach will undoubtedly contribute to the company’s continuing success and growth in the industry.

“I look forward to seeing the business thrive under Teresa’s leadership and wish the team all the best for their future endeavours.”

Chong said: “Today is a momentous day for me and Murray Energy. From joining as a sales manager, I never imagined that I would become the owner of the company today.

“This holds immense significance for me.

“I have grown and prepared myself for the entrepreneurial journey that now lies ahead. I am grateful to Murray Capital for their graciousness and unwavering support, having them placed their complete trust in my capabilities and leadership.

“Transforming the steel industry through digitalization has always been my desire, and now I eagerly look forward to bringing the company to new greater heights.”