The agreements between SFI, SFTS and SFP are for the purposes of assigning the benefit of a loan amount of $5 million originally owned from SFP to Beng Hui Marine Electrical; settlement conducted by way of issuance of 4 million new ordinary shares in SFTS at a price of $1.25; and the abovementioned settlement being subject to conditions of approval for the potential spin-off.
BH Global Corporation’s subsidiary Sea Forrest International (SFI) has entered into an agreement with two other entities to prepare itself for a spin-off listing, which was first announced in April.
SFI has submitted a public filing for the spin-off, which involves restructuring to list STFS as its wholly-owned subsidiary.
