The Board of Directors of Keyfield wishes to announce that on 26 August 2026, Keyfield entered into a Memorandum of Sale with Inai Rimba Sdn. Bhd. (Receivers and Managers Appointed) for the acquisition of a Trailing Suction Hopper Dredger named Inai Kenanga ("Inai Kenanga" or the "Dredger") for a cash purchase consideration of USD24,668,000, equivalent to approximately RM99.7 million based on current exchange rate. Keyfield will nominate its subsidiary ("SPV") to be the legal and beneficial owner of the Dredger upon delivery of the Dredger.
On even date, Keyfield also entered into a Shareholders' Agreement ("SHA") with Star Naval 1 Pte. Ltd. ("SNPL") and SNPL's shareholders as warrantors, to govern the eventual ownership and operation of the SPV and the Dredger, subsequent to the Dredger's delivery to the SPV. Under the terms of the SHA, the ordinary shares percentage shareholding in SPV will be 60:40 between Keyfield and SNPL subsequently. Additionally, SNPL will have an option to further increase its shareholding in SPV to 45% either by way of subscribing for additional SPV shares or purchasing 5% from Keyfield at predetermined prices within a stipulated timeframe.
Please refer to the attachments for detailed announcement and press release.