PETALING JAYA: Keyfield International Bhd
has announced the acquisition of Inai Kenanga, a mega trailing suction hopper dredger, for RM99.7mil.
In a statement, Keyfield said Inai Kenanga was acquired from Inai Rimba Sdn Bhd, whom Malayan Banking Bhd had appointed as receivers and managers in March 2024.
“Completed in 2016, Inai Kenanga was at the time the largest dredger in Asia and the third-largest in the world.
“Built at a reported cost of RM1.2bil and with a hopper capacity of 32,205 cubic metres, it is designed for large-scale dredging, land reclamation, marine engineering, major infrastructure and coastal development projects.”
Under its previous ownership, Keyfield said Inai Kenanga was deployed for various dredging works in Malaysia, including during the tenure of a 15-year concession to undertake dredging and reclamation works at federal ports.
“The estimated fair market value of the dredger, as assessed by an independent market valuer, is US$63.7mil while the estimated cost of constructing a similarly-specified dredger is upwards of US$150mil.”
Along with the acquisition, Keyfield also announced the signing of a Shareholders’ Agreement with Star Naval 1 Pte Ltd (SNPL), a company co-owned by Starhigh Asia Pacific Pte Ltd (Starhigh) and Naval Elite Limited.
The shareholder’s agreement lays the groundwork for the special purpose vehicle (SPV), which will eventually be 60:40 owned between Keyfield and SNPL.
“The SPV shall own and operate Inai Kenanga, allowing Keyfield and Starhigh to leverage their combined strengths to successfully secure and execute dredging projects in the future.
“Keyfield will fund US$23.8mil for Inai Kenanga’s purchase, with SNPL funding US$0.9mil plus Inai Kenanga’s estimated reactivation cost of US$15mil.”
Keyfield group chief executive officer and executive director Datuk Darren Kee Chit Huei said the acquisition marks the group’s foray into the dredging industry and accelerates its expansion beyond the oil and gas (O&G) sector.
“It is our second acquisition of a non-O&G vessel, following last year’s acquisition of Keyfield Blessing, our cable-laying barge that is currently on hire in the Middle East,” he said in a statement.
“Notably, our acquisition of Inai Kenanga marks the continuation of our strategy of acquiring assets below market value, positioning ourselves to ride future growth opportunities.
Kee said Keyfield’s entry into the offshore support vessel (OSV) chartering industry in 2016 had enabled the group to build a young fleet with high-end specifications at reasonable capital costs.
He said the group sees parallels between that strategy and the acquisition of Inai Kenanga, noting that the vessel’s former owner had entered receivership, presenting Keyfield with an opportunity to acquire the asset at below market value.
Kee added that the acquisition would be funded entirely through internal cash, leveraging the strength of the group’s balance sheet without requiring any borrowings.
