SG brief: Kim Heng

Singapore five-dollar note Photo by Leslie Shaffer

Kim Heng said Tuesday that shareholder Credence Capital Fund II (Cayman) is evaluating divestment options for its stake in the company.

“The company wishes to emphasise that the evaluation and all and any discussions are still preliminary and that no definitive transaction in relation to Credence’s shareholding in the company, has been entered into by Credence with any party, and there is no certainty that any such transaction will materialise,” Kim Heng said in a filing to SGX.

According to Kim Heng’s 2021 annual report, published in April, Credence Capital Fund II (Cayman) holds a 17.69 percent stake in the company. The fund is a private equity investment fund managed by Altara Ventures on a discretionary basis; the fund’s shareholders are: Non-Executive Director Tan Chow Boon, Koh Boon Hwee, Seow Kiat Wang, Gavin Teo Hua-Xiong and Ng Kim Haw, who each have a shareholding of 20 percent, the annual report said.