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Beng Kuang Marine enters definitive agreement to sell 31% of its Batam shipyard

Nicole Lim
Nicole Lim • 2 min read
Beng Kuang Marine enters definitive agreement to sell 31% of its Batam shipyard
The offshore and marine company says that it has received a down payment for the sales on Aug 9. Photo: Beng Kuang Marine
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Beng Kuang Marine’s sale of 31% of its Batam shipyard property to PT. Bukit Batu Mulia has moved into a definitive agreement between the maritime company and Solid Marine Indonesia, a nominee of the purchaser.

The purchaser nominee and the purchaser, PT. Bukit Batu Mulia, have the same shareholders. Beng Kuang announced that it has received a down payment for the sales on Aug 9.

This comes after the maritime company announced the sale on June 23 of $9.89 million, for the group’s 100,970 square metres of its waterfront fabrication yard on the eastern side of Batam Island, Kabil.

The purchaser, Bukit Batu Mulia is 51.0% and 49.0% owned by Summit Excellent Enterprises, BVI and George Santos respectively. Summit Excellent Enterprises is associated and affiliated with China’s Nanshan Group, a large-scale private joint-stock enterprise listed in the Chinese Federation of Enterprises (CFE)'s Top 500 Chinese Enterprises. The group is in the business of aluminium processing, fabric and garment manufacturing and processing, real estate, finance, as well as others.

Under the terms of the definitive agreement, completion of the proposed transaction is conditional upon, among others, Beng Kuang having obtained approvals from the board and the company’s shareholders.

Beng Kuang is seeking shareholders approval for the transaction at a general meeting to be convened, and will make further announcements on material developments in this matter.

See also: MAS and CAD probing Seatrium under SFA over Operation Car Wash

Shares at Beng Kuang Marine closed 0.2 cents lower or 2.56% down at 7.6 cents.

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