Keyfield International Berhad announced the acquisition of Inai Kenanga a mega trailing suction hopper dredger for a cash consideration of USD24.7 million, equivalent to approximately RM99.7 million.
The group said the unit was acquired from Inai Rimba Sdn. Bhd. (Receivers and Managers Appointed), whom Malayan Banking Berhad 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 RM1.2 billion and with a hopper capacity of 32,205m³, it is designed for large-scale dredging, land reclamation, marine engineering, major infrastructure and coastal development projects. The estimated fair market value of the Dredger, as assessed by an independent market valuer, is USD63.7 million while the estimated cost of constructing a similarly-specified dredger is upwards of USD150.0 million.
Along with the acquisition, Keyfield also announced the signing of a Shareholders’ Agreement with Star Naval 1 Pte Ltd, a company co-owned by Starhigh Asia Pacific Pte Ltd and Naval Elite Limited. The Shareholder’s Agreement lays the groundwork for the special purpose vehicle, 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 USD23.8 million for Inai Kenanga’s purchase, with SNPL funding USD0.9 million plus Inai Kenanga’s estimated reactivation cost of USD15.0 million.
Starhigh, founded in 2006, is a Singapore-based regional player in the dredging and sand supply industry, with projects across Singapore, Cambodia and Peninsular Malaysia, while also actively exploring expansion opportunities in East Malaysia, Vietnam and Taiwan. Notable projects include extension of Singapore’s Jurong Island, as well as the development and maintenance of the navigation channel at Tok Bali Supply Base in Kelantan.
