Kim Heng forms JV with RUHM MarineCompany News // November 9, 2017
Kim Heng Offshore & Marine Holdings Limited says its wholly-owned subsidiary, KH Mazu Offshore & Marine Sdn Bhd, has signed a joint venture agreement with RUHM Marine Sdn Bhd to form a joint venture company in Malaysia tentatively called RUHM Mazu Sdn Bhd.
The JVC will be 51% owned by RUHM and 49% owned by KH Mazu. The initial share capital of the JVC will be RM1,000 together with asset injection of a vessel valued at US$6 million.
RUHM will be subscribing for 510 ordinary shares and KH Mazu subscribing for 490 ordinary shares at RM1 per ordinary share. The subscription will be funded in cash by the parties respectively.
RUHM is an operator of marine service vessels which provides logistic support for offshore, exploration, drilling, construction and other activities related to the offshore petroleum and mining industry in Malaysia.
Through the JV Kim Heng intends to expand its offshore marine business into Malaysia.