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CHANGE OF GROUP STRUCTURE: PROPOSED JOINT VENTURE
We refer to the Company announcement dated 11th September 2015 relating to the Change of Group Structure : Cakara Maritime Sdn. Bhd. (Company No.449253-V) had on 11th September 2015 acquired 600,000 ordinary shares for a cash consideration of RM600,000.00 and 900,000 redeemable preference shares for a cash consideration of RM900,000.00 in Seasten Sdn. Bhd. (Company No.1054955-A) from Era Surplus Sdn. Bhd. (Company No.648806-D) . The remaining 1,200,000 redeemable preference shares shall be acquired from Era Surplus Sdn. Bhd. for a cash consideration of RM1,200,000.00 within 12 months from the date of the duly signed Joint Venture Agreement (“Proposed Joint Venture”).
The Board of Directors wishes to announce that the Proposed Joint Venture has been partially completed except for the following purchase of the remaining redeemable preference shares.
In accordance to the shareholders agreement dated 11th September 2015, Cakara Maritime Sdn. Bhd. will purchase 1,200,000 redeemable preference shares from Era Surplus Sdn. Bhd. for a cash consideration of RM1,200,000 within 12 months from 11th September 2015.
Era Surplus Sdn. Bhd. had received a letter from Cakara Maritime Sdn. Bhd. dated 1st August 2016 to extend the date for the purchase of the 1,200,000 redeemable preference shares by another 3 months to 11th December 2016.
Era Surplus Sdn. Bhd. has on 8th September 2016 approved the extension of time requested by Cakara Maritime Sdn. Bhd. to purchase the redeemable preference shares from Era Surplus Sdn. Bhd. by another 3 months to 11th December 2016.
The extension is not expected to affect the earnings and net assets of SEALINK for the financial year ending 31 December 2016, and is not expected to have any material effect on the share capital and shareholding structure of the Company.
This announcement is dated 8th September 2016.
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. Being one of the largest tug and barge operators in Malaysia for the oil and gas industry, it is now strengthening its position to be the major provider for offshore marine support vessels for other niche areas in the industry.
It has a young fleet of offshore marine support vessels predominantly focused on and used in the offshore oil & gas industry. With its diverse fleet of 38 vessels, it can cater to a wide base of reputable clients in the various segments of the industry.
|Company Name||SEALINK INTERNATIONAL BERHAD|
|Date Announced||08 Sep 2016|
|Category||General Announcement for PLC|