Beng Kuang Marine Restructures Units; Shares Surge Over 8%

MT Newswires

Aug 21

Beng Kuang Marine (SGX:BEZ) outlined plans to restructure its unite, MTM Engineering and OneHub Tank Coating, according to a Wednesday filing with the Singapore Exchange.

Shares of the marine infrastructure company surged over 8% in Thursday trading.

Under the restructuring exercise, the group will rebrand MTM into a core platform to deliver onshore Engineering, Procurement and Construction (EPC) solutions.

As part of the restructuring process, MTM Engineering was rebranded to Asian Sealand Energy Services while OneHub Tank Coating was renamed to Clean Concepts Works, with its shares transferred to Asian Sealand for SG$10,000, thus becoming Asian Sealand's wholly-owned subsidiary.

Meanwhile, Clean Concepts entered into a shareholders agreement with Chew See Soon to provide industrial cleaning services to customers under the company's infrastructure engineering segment.

The restructuring is part of the group's strategy to provide turnkey onshore EPC solutions to customers.

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