Kim Heng Offshore & Marine Holdings

The loan constitutes as an interested person transaction (IPT) under SGX's listing rules.

As at 4.59pm, shares in Kim Heng are trading 0.3 cent lower or 3.33% down at 8.7 cents.

The JVC will be 51%-owned by RUHM and 49%-owned by Bridgewater Offshore Sdn Bhd, a subsidiary of Kim Heng.

If the proposed disposal was completed on Dec 31, 2019, the gain on proceeds would have been $1.67 million.

The cancellation of the OTP is not expected to have any material adverse impact on the NTA or EPS of the company for this FY.

Kim Heng Offshore & Marine Holdings says its 51%-owned subsidiary Bridgewater Offshore (BWO), has acquired two units of 12,500 horsepower anchor handling tug (AHT) on July 24.

While the proposed sale will result in an impairment loss, Kim Heng says it is “in the best interest of the group” as it will strengthen its cash position and net gearing.

SINGAPORE (June 5): Kim Heng Offshore & Marine announced that it has secured a contract to undertake marine and horizontal directional drilling works at Tuas South Boulevard.

SINGAPORE (Mar 1): Kim Heng Offshore & Marine, the integrated offshore & marine (O&M) value chain services provider, says it has purchased a 6,000BHP anchor handling tug/supply (AHTS) vessel for about $0.7 million.

SINGAPORE (Nov 2): SAC Advisors likes Kim Heng Offshore & Marine Holdings for its established brand name and management team plus strong balance sheet.