BH Global Signs Loan Assignment Deal for Restructuring; Shares Up 6%
BH Global is restructuring and plans to spin off its subsidiary, Sea Forrest International. The company has signed a loan assignment deal involving a SG$5 million loan owed by Sea Forrest Power Solutions, which will be settled through the issuance of 4,000,000 shares at SG$1.25 each. If the settlement is not completed by June 1, 2026, the deal will be unwound. Following this news, BH Global's shares rose by over 6%.
BH Global is undertaking internal restructuring as the company plans to spin off and list its subsidiary, Sea Forrest International, according to a filing with the Singapore Exchange on Wednesday.
The company entered into an agreement with Sea Forrest, Sea Forrest Technologies (S) and Sea Forrest Power Solutions for assigning the benefit of a loan of SG$5 million owed by Sea Forrest Power Solutions to Beng Hui Marine Electrical to the company through the issuance of 4,000,000 shares in SFTS at SG$1.25 per share.
If the settlement does not occur by the long-stop date of June 1, 2026, or if the settlement has occurred but the potential spin-off has not completed, under the deal, the settlement will be unwound and the debt will be assigned back to Beng Hui Marine.
Shares of the company were up over 6% in recent trading.
