BH Global Corporation’s subsidiary Sea Forrest International (SFI) has entered into an agreement with two other entities to prepare itself for a spin-off listing, which was first announced in April.
SFI has submitted a public filing for the spin-off, which involves restructuring to list STFS as its wholly-owned subsidiary.
The agreements between SFI, SFTS and SFP are for the purposes of assigning the benefit of a loan amount of $5 million originally owned from SFP to Beng Hui Marine Electrical; settlement conducted by way of issuance of 4 million new ordinary shares in SFTS at a price of $1.25; and the abovementioned settlement being subject to conditions of approval for the potential spin-off.
The settlement has a long stop date, being one year from the date of agreement, of June 1, 2026.
BH Global is a Singapore-based technology company involved in the Marine and Offshore, Green LED, Integrated Engineering, Cyber Security, and Infrared and Thermal Sensing Technology industry.
Its subsidiary, Sea Forest International, is involved in engineering design, consultancy services, and marine solutions.
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Shares in BH Global closed flat at 11.2 cents on June 25.
