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Mencast forms JV for S$30m contract
MENCAST has formed a joint venture that will undertake offshore and marine construction works worth over S$30 million.
The Singapore-listed maintenance, repairs and overhaul specialist said after Monday trading it has entered into a JV with KSE Marine Works Pte Ltd.
KSE Marine Works owns a fleet of dredgers and has completed numerous offshore and marine construction works in South-east Asia, Mencast said.
Mencast Investment Holdings will pay S$153,000 for a 51 per cent stake in the JV company, with KSE Marine taking the remaining 49 per cent equity interest.
Mencast's executive chairman and CEO Glenndle Sim Soon Ngee and its executive director Wong Boon Huat will be appointed directors of the JV company.
Mr Sim told The Business Times the JV company will execute a contract awarded by a Singapore-based industrial property player over the next 2½ years.