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: Olam disposes its remaining 32.4% stake in Arise P&L
Shares at Beng Kuang Marine closed 0.2 cents lower or 2.56% down at 7.6 cents.
