SGX:5G2

Kim Heng's Associate Forms Joint Venture in South Korea

Kim Heng's (SGX:5G2) 50%-owned subsidiary, Tahitian International, signed a joint venture agreement with South Korea's Heungwoo Industrial, to set up a company in Korea which will focus on horizontal directional drilling, pipe jacking and direct pipe works, according to a Monday filing with the Singapore Exchange.The venture, named Heungwoo Tahitian, will be equally owned by the two parties and will have an initial paid up capital of 200 million won.The offshore and marine services provider said the venture is part of the group's strategy to expand in Asia and transition into the renewable energy market.