Beng Kuang Marine to Establish SPV Company; Shares Down 6%
MT Newswires
Mar 09
Beng Kuang Marine (SGX:BEZ) agreed with Epsilon Navigation to establish a special purpose vehicle, Offshore Collective, according to a Friday filing with the Singapore Exchange.
Shares of the provider of infrastructure engineering and corrosion prevention services were down over 6% in Monday trading.
The parties will enlarge the initial issued share capital of the SPV from S$50,000 to S$1.4 million. Both of them will have an equal stake of 50% each in the SPV, which will be engage in the business of investment and management of marine assets in the offshore energy sector.
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