Stake changes: Kim Heng, Hildrics Capital and Credence Capital Fund

The Rampion Offshore Wind Farm in the U.K. Photo by Nicholas Doherty on UnsplashThe Rampion Offshore Wind Farm in the U.K. Photo by Nicholas Doherty on Unsplash

Credence Capital Fund II (Cayman) disposed of all of its around 125 million shares of Kim Heng, or around 17.71 percent of the company, for S$13.12 million in an off-market transaction, according to a filing to SGX Saturday.

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, according to Kim Heng’s 2021 annual report, published in April.

Tan Chow Boon, who was deemed interested in the Kim Heng shares held by Credence Capital Fund II (Cayman), also saw his stake fall to zero, as did Altara Ventures, Gavin Teo Hua-Xiong, Ng Kim Haw, Seow Kiat Wang, and Koh Boon Hwee, according to separate SGX filings.

Hildrics Capital

HAFG Investment acquired the shares in an off-market transaction, according to a separate SGX filing.

HAFG Investment is a wholly owned subsidiary of Hildrics Asia Growth Fund VCC, a private equity fund management by Hildrics Capital on a discretionary basis; Hildrics Capital’s shareholders are Choo Kee Siong and Wee Teng Chuen, who each hold 50 percent, according to a filing. Hildrics Capital, Wee Teng Chuen, and Choo Kee Siong are deemed interested in HAFG Investment’s shares.

Singapore-based Hildrics Capital recently had a S$120 million first close of its debut fund Hildrics Asia Growth Fund I, according to a DealStreetAsia report in May. The fund is expected to target mid-market companies in Southeast Asia, the report said.

Kim Heng provides offshore and marine services for renewable and oil and gas industries, including engineering, procurement, construction and installation support.