Kim Heng opens higher on SGX trading debut

Offshore oil and gas contractor Kim Heng Offshore rose in its first hours of trading on the Singapore Exchange (SGX).

The Catalist-listed stock opened at 32 cents on Wednesday, up 28 per cent from its initial public offering price of 25 cents.

Kim Heng chief executive Thomas Tan said in a statement: "We are both thankful and heartened by the investment community's faith in us as we move onwards and upwards from here."

The company is a Singapore-based integrated offshore and marine services provider.

It caters to customers from around the world and in different stages of projects from oil exploration to field development and oil production.

Kim Heng brings the number of maritime and offshore oil and gas support services companies listed on SGX to 52, with a total market capitalisation of $59 billion.

SGX head of listings Lawrence Wong said: "The maritime and offshore services sector plays a key role in Singapore's vibrant economy. SGX is proud to yet again support another home-grown company and this important sector by providing a capital-raising platform for their growth."

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