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FINWIRES

Beng Kuang Marine Forms JV With Epsilon Navigation For Vessel Ownership

-- Beng Kuang Marine (SGX:BEZ) and Epsilon Navigation agreed to form a joint venture to own and operate a new ballast barge currently under construction by Beng Kuang.

The two entities will form Offshore Collective Pte., a special purpose vehicle, on an equal basis, according to a Tuesday filing with the Singapore Exchange.

Shares of the offshore marine services company were down over 1% in Wednesday trading.

Meanwhile, around SG$2.8 million from the shipbuilding order book of approximately SG$15.8 million of the company's subsidiary, Nexus Engineering Indonesia, will be accounted as a related party transaction upon entry into the shareholders' agreement.

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