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Beng Kuang Marine Issues Consideration Shares for Asian Sealand Acquisition; Shares Up 5%

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Beng Kuang Marine (SGX:BEZ) issued 57.1 million shares at SG$0.35 per share to ISUSTAINABILITY and SPPG, in connection with the acquisition of the remaining 49% stake in Asian Sealand Offshore and Marine.

Shares of the marine infrastructure company were up nearly 5% in Friday trading.

Following the issuance, Asian Sealand has become the company's subsidiary, according to a Thursday filing with the Singapore Exchange.

Meanwhile, the remaining cash consideration of SG$20.0 million for the acquisition will conclude on May 29, the filing said.

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