Murray Capital, the Edinburgh-based metals, property, wine, and investment company, has sold its Asian steel business to the company’s management.

The family business, now majority owned and run by David and Keith Murray, sons of former Rangers owner Sir David Murray, said it is to focus on the UK steel market with the sale of the international steel business, Murray Energy Asia.

The new owner is Teresa Chong, who has been at Murray Energy for eight years and has held a variety of leadership positions, most recently as managing director.

The firm said she “possesses a deep understanding of the supply chain mechanics and the key players in global steel distribution”.

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Founded in Singapore in 2014 by Murray Capital, Murray Energy Asia supplies steel products to the Asian energy market.

With the “vast industry knowledge and product expertise the team has, the business has penetrated the supply chains of blue-chip multinational corporations, providing niche steel products through strong sourcing and distribution capabilities”.

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, it said.

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David Murray, managing director Murray Capital, 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.”

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Ms Chong, managing director Murray Energy Asia, 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.”

Sir David passed control of the wider company to his sons in 2021 under a planned transition of ownership. The veteran Scottish businessman continues to chair Murray Capital and holds a minority interest in the company.

The value of the sale was not disclosed.