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Kim Heng Offshore & Marine Penjuru property sale will not be proceeding

Felicia Tan
Felicia Tan10/6/2020 06:32 PM GMT+08  • 2 min read
Kim Heng Offshore & Marine Penjuru property sale will not be proceeding
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.
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The sale of Kim Heng Offshore & Marine’s property at 48 Penjuru Road to Hoy San Stevedoring (the purchaser) will not be proceeding as previously announced in January.

According to a filing on SGX, Kim Heng O&M said that the sale was not approved by Jurong Town Council (JTC) as the purchaser did not meet the requirements to purchase a waterfront yard facility.

Accordingly, Kim Heng O&M and Hoy San Stevedoring have agreed to terminate the option to purchase (OTP). The deposit of $925,000, amounting to some 5.0% of the sale price, will be refunded to the latter as well as the Singapore Academy of Law.

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