Kim Heng Offshore & Marine incorporates JV company and branch in Taiwan

Singapore

A WHOLLY-OWNED subsidiary of Kim Heng Offshore & Marine Holdings has incorporated a joint venture (JV) company, Bridgewater Marine, in Taiwan, said the company in a filing on Friday.

Its JV partner is a company incorporated in Taiwan and owned by two Taiwanese, who are both unrelated to the directors and the company. The initial paid-up capital of the JV company is NT$1 million (S$47,700) and is 49 per cent-owned by the subsidiary, Kim Heng Marine & Oilfield.

In addition, the company's indirect wholly owned subsidiary, Mazu Land & Marine Works, has also incorporated a branch in Taiwan with an initial paid-up capital of NT$5 million, and will be wholly-owned by the subsidiary.

The JV company and the branch were primarily incorporated to expand the company's business into Taiwan to support the Offshore Wind Farm project by chartering vessels to customers within the Taiwan territory.

The investment in the JV company and the branch was funded through internal resources and the Offshore Wind Farm project is expected to contribute positively to the group's earnings per share and net tangible asset for the current financial year ending Dec 31.

Kim Heng Offshore shares closed flat S$0.02 on Friday.