KS Energy hires OCBC to seek offers for distribution business

KS Energy has appointed OCBC Bank as a financial adviser to seek and consider offers for its distribution business, the oilfield equipment specialist said on Friday after the market closed.

No decision has been made on whether to sell the KS Distribution business, but KS Energy said it has received expressions of interest from third parties.

If a sale occurs, KS Energy will retain its drilling and drilling rig management and engineering and fabrication services businesses.

The distribution business currently operates in Singapore, Indonesia, China, Vietnam, Qatar, Malaysia and Thailand, KS Energy said. It represents more than 300 globally accredited brands and distributes more than 60,000 items.

KS Energy shares closed at 18 Singapore cents on Friday.