Beng Kuang Marine has announced the acquisition of the remaining 49% of Asian Sealand Offshore and Marine Pte. Ltd. (ASOM), making it a wholly-owned subsidiary. The transaction was finalised on 28 May 2026, with the company issuing 57,142,856 new ordinary shares at S$0.35 each as part of the Share Purchase Agreement.
The issuance of these shares has increased Beng Kuang Marine’s total issued share capital from 242,534,698 to 299,677,554 shares. As a result, ISUSTAINABILITY PTE. LTD. and SPPG PTE. LTD. have become substantial shareholders, each holding approximately 9.5% of the enlarged share capital.
The acquisition is set to be fully completed with a remaining cash consideration of S$20m, expected by 29 May 2026. This strategic move is anticipated to strengthen Beng Kuang Marine’s position in the offshore and marine sector. Executive Chairman Chua Beng Yong stated, “The completion of this acquisition marks a significant milestone for our company.”
The acquisition aligns with Beng Kuang Marine’s growth strategy, potentially enhancing its operational capabilities and market reach. The company plans to make a further announcement upon the completion of the cash transaction, solidifying its full ownership of ASOM.
