The company has also proposed to issue up to $3.5m bonds due 2027.

Beng Kuang Marine has issued a notice of redemption for its $3.5m bond due on 5 November, according to a bourse filing.

The company has also proposed to issue up to $3.5m bonds due 2027. It is expected to be issued at a subscription price of 100% of the principal amount and has an interest rate of 9% per annum, which will be payable semi-annually in arrears.

Additionally, the 2027 bonds are set to be issued in denominations of $250,000.

Ben Kuang Marine said the 2027 bond proceeds will refinance existing bonds.