BH Global Loses Two Vessels at Batam Yard
The Board of Directors (the Board) of Singapore-listed BH Global Corporation Limited (the Company) has been informed of a recent incident July 14 involving two vessels which were docked on a shipyard belonging to its subsidiary, PT BH Marine & Offshore Engineering (the Subsidiary), in Batam, Indonesia. The vessels, identified by the Company by their hull numbers H019 and R029, were forcefully removed and robbed away from the shipyard by an unauthorized group of approximately 50 to 100 persons notwithstanding the resistance put up by the Subsidiary’s staff and security guards and the presence of local police who were alerted to the commotion by representatives of the Subsidiary.
Vessel R029 belongs to PT Andalan Mitra Bahari (PT Andalan) and was docked on the shipyard as the Subsidiary had been engaged to conduct repair works on the vessel. Although the repair works were completed in January 2013, the Subsidiary failed to receive full payment for the repair works from PT Andalan. The outstanding payment owed to the Subsidiary currently stands at approximately $288,277 (SGD 365,000).
Vessel H019 was constructed by the Subsidiary for sale to PT Andalan at an agreed price of $1.58 million (SGD 2 million). To date, the Subsidiary has only received approximately $315,920 (SGD 400,000) as payment from PT Andalan. The remaining sum of approximately $1.27 million (SGD 1.6 million) remains outstanding.
The Batam police is currently investigating into the matter to ascertain the party (or parties) responsible for the incident. Based on the information presently available, the Batam police is currently coordinating with the relevant parties to retrieve and return the vessels to the shipyard.
It is unlikely that there will be losses incurred by the Company if both vessels are recovered by the police. In the event that the vessels cannot be recovered, the Board will provide a further update on the pending losses which may be incurred.
The Board will provide further updates when available.
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