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Disposal Of A Vessel For RM30 Million (Amended Announcement)

BackJan 06, 2009
General Announcement
Reference No CSH-090106-4B5E0

Amended Announcement
(Please refer to the ealier announcement reference number: CS-090105-5D4C9)
Company Name
:
 SEALINK INTERNATIONAL BERHAD 
Stock Name
:
 SEALINK
Date Announced
:
 06/01/2009


Type
:
 Announcement
Subject
:
DISPOSAL OF A VESSEL FOR RM30 MILLION

Contents
:
The amended announcement were done due to some typographpical errors in the contents which were highlighted in Bold. Refer to the detail announcement below :-

Announcement Details :

I
INTRODUCTION


The Board of Directors of Sealink International Berhad ("SEALINK" or "the Company") is pleased to announce that Sealink Marine Sdn Bhd ("Sealink Marine"), a wholly owned subsidiary of Sealink has signed and concluded the disposal of a vessel on the 5 January 2009 for a cash consideration of approximately RM30 million.

DETAILS OF THE DISPOSAL

Sealink Marine has signed and concluded the disposal ofan offshore marine support vessel ("Vessel") to an unrelated overseas buyer on the 5 January 2009 for a cash consideration of approximately RM30 million.

DETAILS OF THE VESSEL

The Vessel was built by Sealink Shipyard Sdn Bhd, a wholly ownedsubsidiary of Sealink in 2007. The Vessel was purchased by Sealink Marine for RM17 million.The particulars of the Vessel are as follows:-

(i) Classification Society/ Class : ABS;
(ii) Place of registration : Kuching; 
(iii) Flag : Malaysia; and
(iv) Call Sign : 9WGW6
BASIS AT ARRIVING AT THE PURCHASE CONSIDERATION

The disposal consideration of the Vessel was arrived at on a willing buyer-willing seller basis.


RATIONALE FOR THE DISPOSAL

Sealink Group is constantly reviewing its fleet of vessels. The disposal of the Vessel was from the existing fleet of vessels as the buyer wanted the Vessel for immediate delivery. The disposal of the Vessel does not have any material impact to the earnings of Sealink Group.

FINANCIAL EFFECTS

The disposal of the Vessel is expected to contribute positively to the earnings and net assets per share of Sealink. The cash consideration would be used for working capital purposes. Notwithstanding this, the disposal is not expected to have any material effect on the share capital and shareholding structure of Sealink.

APPROVAL

No shareholders approval is required.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the disposal and the disposal will not have an effect on the Directors or major shareholders' shareholdings in Sealink.

DIRECTORS' RECOMMENDATION

The Board of Directors of SEALINK is of the opinion that the acceptance of the disposal is in the best interest of the Company.


DEPARTURE FROM THE SECURITIES COMMISSION'S POLICIES AND GUIDELINES ON ISSUE/OFFER OF SECURITIES ("SC GUIDELINES")

The Board is not aware of any departure from the SC's Guidelines arising from the Disposal.

This announcement is dated 5 January 2009

ABOUT THE COMPANY

SEALINK is an Integrated Service Provider which builds, owns and operates a diverse fleet of offshore marine support vessels, serving mainly the global offshore oil and gas exploration and production industry. Originally a tug and barge operator, it has now moved aggressively to refocus its resources on strengthening its current businesses.

It has a young fleet of offshore marine support vessels, predominantly focused on and used in the oil & gas sector. With its 30-odd vessels, it can now cater to a wide base of reputable clients from all parts of the world.

Presently, SEALINK owns two shipyards, located in Miri, Sarawak and the two shipyards would be able to build up to 17 vessels over the next 12 months, after the shipyard expansion.