Beng Kuang Marine Issues Consideration Shares for Asian Sealand Acquisition; Shares Up 5%
MT Newswires05-29 12:32
Beng Kuang Marine (SGX:BEZ) issued 57.1 million shares at SG$0.35 per share to ISUSTAINABILITY and SPPG, in connection with the acquisition of the remaining 49% stake in Asian Sealand Offshore and Marine.
Shares of the marine infrastructure company were up nearly 5% in Friday trading.
Following the issuance, Asian Sealand has become the company's subsidiary, according to a Thursday filing with the Singapore Exchange.
Meanwhile, the remaining cash consideration of SG$20.0 million for the acquisition will conclude on May 29, the filing said.
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