BH Global Corporation has, through its subsidiary BOS Engineering International, entered into a sale and purchase agreement (SPA) to fully acquire Sea Forrest Engineering for a consideration of $669,119.

The agreement was entered with Lee Sze Min, the founder and sole shareholder of Sea Forrest.

As a condition for the sale of the company, Lee will acquire a 20% stake in BOS Engineering from BH Global at $100,002, based on BH Global’s original cost.

As at March 10, Sea Forrest has an issued and paid-up share capital of US$10,000 ($13,464.50) comprising 10,000 shares.

Based on the unaudited consolidated financial statements of Sea Forrest Engineering, its book value stands at around $569,119.

Lee comes with 20 years of experience in the office shore oil and gas and marine industry, having started as a Keppel scholar. He was also formerly a Project Engineer and Project Manager at Keppel Fels.

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As part of the acquisition, Lee will also be appointed the CEO of the group’s integration engineering division.

“Marine Electrification is one of the focus of the group’s development for sustainable growth in the near future, and it is the main reason to appoint Lee to join the group,” says BH Global in a March 10 statement.

“The group recognises the uptake of marine electric / hybrid propulsion projects, and the marine industry will be moving towards electrifying vessels at a much quicker pace in the coming years. This is in line with the global decarbonization drive towards sustainable energy developments to reduce the use of fossil fuels,” it adds.

In view of that, BH Global has incorporated a new company, BOS Power Solutions Pte Ltd in October 2020 (subsequently renamed as Sea Forrest Power Solutions Pte Ltd) to focus on driving the growth of the maritime electrification business.

Shares in BH Global closed flat at 25 cents on March 10.