Beng Kuang to take full control of ASOM in $60m deal

The group is expected to hold a 100% equity stake.

Beng Kuang Marine Limited has signed a term sheet to acquire the remaining 49% stake in Asian Sealand Offshore and Marine Pte. Ltd. (ASOM) for an aggregate consideration of $60m.

Upon completion of the transaction, the group will hold a 100% equity stake in ASOM, according to a press release.

The consideration will comprise $20m through the issuance of 57,142,857 new ordinary shares at $0.35 each, $20m in cash payable at completion, and up to $20m in deferred and contingent cash, subject to ASOM achieving net profit of at least S$15m for FY2026 and FY2027.

Assuming the proposed acquisition had been completed on 1 January 2025, earnings per share for FY2025 would increase from 2.61 cents to 4.80 cents, representing an increase of 84%.

The acquisition will allow the group to fully consolidate ASOM’s earnings and cash flows, said Yong Jiunn Run, CEO of Beng Kuang Group.

"In conjunction with the proposed acquisition, the company is undertaking a private placement to strengthen its capital base and support the enlarged group’s growth strategy," Yong added.

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