Kim Heng completes acquisition of remaining shares in Bridgewater Offshore joint venture

Singapore's Kim Heng Group, through its wholly-owned subsidiary Kim Heng Offshore and Marine, has entered into a sale and purchase agreement with Phillip Enterprise Fund (PEFL) and Phillip Ventures Enterprise Fund 5 (PVEF5) for the acquisition of 4,265,026 ordinary shares representing 49 per cent of the total issued and paid-up share capital of Bridgewater Offshore (BOPL).

Kim Heng said it wishes to undertake the proposed acquisition to consolidate its interest in BOPL and all vessels under BOPL for its chartering segment with both PEFL and PVEF5 reaching the end of the funds’ lifecycle.

In view of the above, the Kim Heng board considers the proposed acquisition to be in the commercial interests of the group as it will enhance the capacity and capability of the group’s chartering segment. Barring any unforeseen circumstances, the board expects the acquisition to contribute positively to the group’s financial performance.

BOPL was incorporated in Singapore in 2019 as a joint venture company and is principally engaged in the ownership, management, and operation of vessels. Prior to the announcement of this recent acquisition, Kim Heng Offshore and Marine was the 51 per cent owner of BOPL.