As the industry rebounds, Beng Kuang has raised new funds and shed its loss-making ventures, including ship chartering, hardware distribution and bottled water supply. It has also been removed from the SGX Watchlist.
Beng Kuang Marine was one of the top gainers in 2024, with the counter surging some 283.3% in the past 12 months to trade at 22 cents as of Jan 17, giving it a market cap of $45.8 million. This growth follows the company’s decision to undergo a thorough business restructuring under the leadership of its new CEO, Yong Jiunn Run.
The offshore and marine company, listed in 2004 during a robust industry upcycle, weathered the subsequent downturn that undermined many of its peers. However, it remained in poor condition until Yong, a former CIMB banker, steered it towards an asset-light model, streamlining its capital-intensive business segments for greater efficiency.
