Kim Heng and Hunghua sign memorandum of understanding in relation to 2 units of 250 feet crane barges
The Board of Directors of Kim Heng Offshore & Marine Holdings Limited announceв that its wholly-owned subsidiary, Kim Heng Marine & Oilfield Pte Ltd (“KHMO”) had entered into a non-binding memorandum of understanding (the “MOU”) with Hung Hua Construction Co. Limited, Taiwan(“Hunghua”) in relation to the proposed saleof the Group’s two units of 250feet four point mooring crane barges to Hunghuafor approximately US$5.6million.
Pursuant to the MOU, Hunghua shall enter into a formal Memorandum of Agreement (“the MOA”) with KHMO once Maritime and Port Bureau, Ministry of Transportation& Communications (“MOTC”) of Taiwan confirms and approves the importation of the two units crane barges under Taiwan flag. Hunghua has also invited the Group to participate in the full-swing construction of offshore wind energy projectand harbour construction in Taiwan where both parties are to maintain a high level of collaboration and cooperation between the parties.
Shareholders and potential investors of the Company are hereby reminded to exercise caution when dealing in the securities of the Company. In particular, shareholders and potential investors of the Company are reminded that there is no assurance that business transactions mentioned in this announcement will materialise. Persons who are in doubt as to the action they should take should consult their legal, financial, tax or other professional advisers.
