Kim Heng Marine aims to raise $31.4m from Singapore IPO

Kim Heng Marine & Offshore Holdings is aiming to raise SGD40m ($31.4m) from an initial public offering (IPO) on the Singapore Exchange second board Catalist.

Kim Heng is selling 174m shares priced at SGD0.25 with 3m shares sold by way of public offer and 171m via placement.

The company operates two shipyards in Singapore and a fleet of eight tugs and 28 barges. In the first half of 2013 the company reported a SGD8m profit on revenues of SGD41m.

Kim Heng plans to use SGD20m from the proceeds raised to enhance its yard facilities and expand its fleet and further SGD7m is earmarked for investments, acquisitions and strategic alliances. The remaining net proceeds of SGD9.4m will be used as general working capital.

The offer closes at noon on 20 January and shares will start trading on 22 January.

Posted 17 January 2014

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Marcus Hand

Editor, Seatrade Maritime News

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