Beng Kuang Marine buys 49% ASOM stake for full control

ISUSTAINABILITY and SPPG each hold 9.5% of enlarged share capital.

Beng Kuang Marine Limited has taken full ownership of Asian Sealand Offshore and Marine Pte Ltd (ASOM) after acquiring the remaining 49% stake in the offshore services firm.

In a bourse filing, the company said the vendors transferred the sale shares on 28 May, making ASOM a wholly owned subsidiary.

Beng Kuang allotted and issued 57.1 million new ordinary shares at $0.35 each as part of the consideration for the acquisition.

The consideration shares comprised 28.6 million shares issued to ISUSTAINABILITY PTE. LTD. and 28.6 million shares issued to SPPG PTE. LTD.

Following the issuance, the group’s total number of issued shares increased from 242.5 million to 299.7 million ordinary shares.

Meanwhile, ISUSTAINABILITY and SPPG each hold about 9.5% of the enlarged issued share capital and have become substantial shareholders of the company.

The remaining cash consideration of $20m under the sale and purchase agreement is expected to be completed on 29 May.

The company said it will make a further announcement on the full completion of the acquisition.

The transaction forms part of Beng Kuang’s $60m acquisition of the remaining 49% of ASOM.

The consideration comprises $20m in new Beng Kuang shares, $20m in cash payable at completion, and up to $20m in deferred and contingent cash consideration.

The group had earlier accepted a term loan facility of up to $15m from The Hongkong and Shanghai Banking Corporation Limited, Singapore branch, to partly fund the cash payment for the acquisition.

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