Credence Capital has sold its entire stake in offshore support service provider Kim Heng to Hildrics Capital.
The married deal of nearly 125 million shares, equivalent to 17.71% of Kim Heng, was done on June 3 at 10.5 cents each.
There are notable names on both sides of the deal.
Individuals owning and managing Credence Partners include Koh Boon Hwee, former chairman of leading Singapore Inc names such as Singapore Airlines, DBS Group Holdings and Singapore Telecommunications.
Hildrics Capital, meanwhile, is jointly owned by Choo Kee Siong, a former UOB banker, and Wee Teng Chuen, whose father is UOB CEO Wee Ee Cheong. On May 11, Hildrics announced it has raised some $120 million for its first fund.
Credence Capital, meanwhile, has held its stake in Kim Heng since its IPO back in 2014.
See also: UOB signs MOU with Shanghai Gold Exchange to connect China’s gold supply chain to Asean markets
Tan Chow Boon, managing partner of Credence Partners, sits on Kim Heng's board since 2013 as a non-executive director.
Kim Heng, headed by executive chairman and CEO Thomas Tan Keng Siong, has repositioned itself to support the renewable energy sector clients too.
Kim Heng shares closed on June 3 at 11 cents, up 1.8% for the day and 41.25% year to date.
