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Hope can get out of Watch List soon, otherwise not so attractive to investors. The sale will be used to cut debts and for operating use, so need to be prudent and not anyhow spend. High risk high return counter so be very careful.
Beng Kuang Marine sells 31% of its Batam' s shipyard property for $9.9 million
Beng Kuang Marine has entered into a conditional land sale and purchase agreement to sell 31% of its Batam shipyard property to PT. Bukit Batu Mulia for $9.89 million.
The percentage of the company&rsquo s shipyard amounts to some 100,970 sqm.
PT. Bukit Batu Mulia is 51.0% and 49.0% owned by Summit Excellent Enterprises, BVI and George Santos respectively. Summit Excellent Enterprises is associated and affiliated with China&rsquo s Nanshan Group, a large-scale private joint-stock enterprise listed in the Chinese Federation of Enterprises (CFE)' s Top 500 Chinese Enterprises. The group is in the business of aluminium processing, fabric and garment manufacturing and processing, real estate, finance, as well as others.
Santos is the founder and owner of the Indonesia Solid Group based out of Batam/Raiu Indonesia and is in the business of mining, shipping, construction, concrete batching, asphalt and stone quarry.
The news comes after Beng Kuang sold around 30% of its Batam shipyard property for $8.64 million in April. The sale was made to a subsidiary of Oil States International, a major global provider of integrated energy systems and solutions.
In its June 23 statement, the company says it has been &ldquo prioritising cost minimisation and deleveraging initiatives while focusing on monetising fixed assets and high-potential business segments within its core business divisions to create new growth catalysts&rdquo .
&ldquo The cash proceeds from both sale transactions of our Batam shipyard property are expected to significantly boost our liquidity resources. Coupled together with the rest of our deleveraging initiatives, it will allow us to stay nimble and agile in navigating through the current rising interest rate environment,&rdquo says Yong Jiunn Run, CEO of Beng Kuang Group.
&ldquo More importantly, it provides a stronger financial footing for us to pursue high-growth opportunities within our infrastructure engineering and corrosion prevention business segments where we have an entrenched market position and strong technical competencies,&rdquo he adds. &ldquo We see good business prospects in the marine and offshore industries and the momentum we gained so far underpins our confidence for the year ahead.&rdquo
will it head to 10 cents again?
Just my humble opinion.,The sale of a portion of Beng Kuang Marine Limited' s Batam shipyard property could have several implications:
-
Liquidity boost: The cash proceeds of approximately S$9.89 million from the sale transaction would increase the company' s liquidity resources. This can enhance the company' s financial flexibility and provide funds for various purposes, such as reducing borrowings and supporting general working capital needs. -
Deleveraging initiatives: Beng Kuang Group has been prioritizing cost minimization and deleveraging initiatives in recent years. The sale of the shipyard property is part of these initiatives. Reduced debt levels can improve the company' s financial stability and reduce interest expense, particularly in a rising interest rate environment. -
Potential growth opportunities: The sale of the shipyard property allows Beng Kuang Group to focus on its core business divisions, particularly the Infrastructure Engineering and Corrosion Prevention segments. The company believes these segments have strong growth potential and sees good business prospects in the marine and offshore industries. As an investor, this can indicate that the company is strategically positioning itself to capitalize on these opportunities and potentially drive future revenue and earnings growth. -
Market confidence: The CEO' s statement expressing confidence in the company' s prospects and the momentum gained so far can be seen as a positive signal to investors. It suggests that Beng Kuang Group believes it is well-positioned to navigate challenges, such as rising interest rates, and expects favorable business conditions ahead. This confidence can instill trust in investors and attract potential stakeholders.
Beng Kuang Signs Another Agreement for Partial Sale of its Batam Shipyard Property Approximately One-Third of its Batam Shipyard Property will be Sold for S$9.89 Million
&bull The Group has a waterfront shipyard property with a total area of 328,956 square metres (including sea frontage) on the Eastern side of Batam Island, Kabil
&bull The shipyard property is currently being subdivided into smaller land parcels and 100,970 square metres (including sea frontage), representing approximately one-third of the total area, of the Group&rsquo s Batam shipyard property will be sold under the agreement
&bull Previously in April 2023, the Group entered into a separate conditional land sale & purchase agreement to sell approximately 90,000 square metres of land of its Batam shipyard property for S$8.64 million
&bull As of 31 December 2022, the net book value of the partial shipyard property in this land sale transaction is approximately S$4.68 million
&bull The gross proceeds of S$9.89 million from this transaction will be used to reduce the Group&rsquo s borrowings and for general working capital
Singapore, 23 June 2023 &ndash Beng Kuang Marine Limited (&ldquo 明 光 集 团 &rdquo or the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Beng Kuang Group&rdquo or the &ldquo Group&rdquo ), is pleased to announce that the Group has entered into a conditional land sale & purchase agreement to sell part of its Batam shipyard property, approximately 100,970 square metres, for S$9.89 million to PT. Bukit Batu Mulia.
The sale of 100,970 square metres (including sea frontage) of its Batam shipyard property represented approximately one-third of the total area owned by the Group.
PT. Bukit Batu Mulia. is 51.0% and 49.0% owned by Summit Excellent Enterprises Ltd, BVI and Mr George Santos respectively. Summit Excellent Enterprises Ltd is ultimately associated and affiliated with the Nanshan Group of China. The Nanshan Group is a large-scale private joint-stock enterprise listed in the Chinese Federation of Enterprises (CFE)' s Top 500 Chinese Enterprises. The Nanshan Group is in the business of aluminium processing, fabric and garment manufacturing and processing, real estate, finance, scientific research, education, tourism and health preservation.
Mr George Santos is the founder and owner of the Indonesia Solid Group based out of Batam/Raiu Indonesia and is engaged in various business activities spanning mining, shipping, constructions, concrete batching, asphalt and stone quarry.
Separately, in April 2023, the Group entered into a conditional land sale & purchase agreement to sell 90,000 square metres of its Batam shipyard property for S$8.64 million to a subsidiary of Oil States International, a major global provider of integrated energy systems and solutions.
In the recent years, the Group has been prioritising cost minimisation and deleveraging initiatives, while focusing on monetising fixed assets and high-potential business segments within its core business divisions to create new growth catalysts.
Mr Yong Jiunn Run, Chief Executive Officer of Beng Kuang Group, said: &ldquo The cash proceeds from both sale transactions of our Batam shipyard property are expected to significant boost our liquidity resources. Coupled together with the rest of our deleveraging initiatives, it will allow us to stay nimble and agile in navigating through the current rising interest rate environment.
More importantly, it provides a stronger financial footing for us to pursue high-growth opportunities within our Infrastructure Engineering and Corrosion Prevention business segments where we have an entrenched market position and strong technical competencies.
We see good business prospects in the marine and offshore industries and the momentum we gained so far underpins our confidence for the year ahead.&rdquo
Beng Kuang Secures New Marine & Offshore Pedestal Crane Contracts with an Aggregate Value of Approximately US$2.75 Million
&bull Marine & offshore pedestal cranes are used to facilitate heavy lifting, moving tons of material, equipment and cargo to or from marine vessels, barges and structures
&bull The new marine & offshore pedestal crane contracts are secured under the Group&rsquo s Infrastructure Engineering division, which has registered increased orders for such pedestal cranes in FY2022
&bull Opportunities for the Group to expand its revenue stream from the maintenance and repairs work of such pedestal cranes
&bull Barring unforeseen circumstances, the new marine & offshore pedestal crane contracts are expected to be completed and delivered to the customers in the second half of 2023. As such, the new contracts are expected to have a positive impact on the earnings per share and net asset value per share of the Group for the financial year ending 31 December 2023
Mr Yong Jiunn Run, Chief Executive Officer of Beng Kuang Group, said: &ldquo Marine & offshore pedestal cranes are a niche business segment and we have established a good track record and brand name in this area over the years.
We are encouraged that some of the new contracts are from new geographical markets that includes India and Middle Eastern countries, where oil and gas activities have been buoyant and it is also testament to our efforts to expand our business presence globally and boost our order book in FY2023.&rdquo
Beng Kuang 1Q2023 Updates: Gross profit jumped 26.4% to S$3.18 million with improvement in cost management and productivity initiatives
- In total, the Group has an order book of approximately S$24 million at 31 March 2023
- The Group&rsquo s FPSO and FSO service and maintenance business under ASOM remained a key performer and continued its strong momentum, registering revenue growth of 31.63%
- Revenue from our CP division, which was largely recurring in nature, increased by 14.0% as the demand for CP services for Singapore and Batam shipyards continued to regain momentum
- Overall revenue dipped marginally due to mainly due to the cessation of IE operations at 55 Shipyard Road as well as lower contribution from deck equipment supplies under International Offshore Equipments Pte Ltd
- Excluding currency translation losses of S$0.29 million, the Group would have registered a profit of S$0.22 million from continuing operations
- Achieved positive adjusted EBITDA of S$1.21 million, where there were lower depreciation expenses recognised in 1Q2023
- Secured agreement to sell approximately one-third of our Batam waterfront property for S$8.64 million
- Secured tenancy agreements to lease out partial of our Batam waterfront property, where the leasing income will contribute positively to the Group in FY2023
All rush to exit today cos of US CPI tonight
TraderBen ( Date: 10-May-2023 17:11) Posted:
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wah kao.. what type of matching is this sia.. down 3 pips..
ah que 95 also can get !!
finding it hard to break that 100.. if can break again today.. tmr might free fall liao
run from 0.03 to 0.10 is very good returns alrdy..cannot be still holding ma.. 500 lots can make almost 35k within a month..
eric998 ( Date: 08-May-2023 16:22) Posted:
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Same like LS 2 holding, small floating volume in market.
Above 10 many want to sell and short?
Tracer63 ( Date: 08-May-2023 15:47) Posted:
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2nd try to break 100
Tgt 109
Tracer63 ( Date: 08-May-2023 15:40) Posted:
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Load up, Beng Kuang 99
Shortists at 98/99/100?
Envy dyna-mac share price or not?
Fret not.
Showtime by BBs soon. 3 pm clock ticking by
Let?s Huat all the way with this recovery stock
120 here we come
Fret not.
Showtime by BBs soon. 3 pm clock ticking by
Let?s Huat all the way with this recovery stock
120 here we come
Big Cheong after 3 pm
Waiting for that moment
May all Huat big big here
Waiting for that moment
May all Huat big big here
BBs want to break 105 today after 3 pm
Cheers 🥂
Cheers 🥂
Everyday ( Date: 08-May-2023 13:15) Posted:
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