| Query Letter Contents |
We refer to your Company's announcement dated 22 Feb 2013 in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-
Further details and elaboration on the charter contract awarded to Mitra
Angkasa.
Background information on Malaysian Engineering and Oilfield Services Sdn Bhd
("MEOS") , including the name of Directors and Major Shareholders, and their
respective shareholdings in MEOS.
Further elaboration on services to be provided by Mitra Angkasa.
Sea Legends's eventual interests in Mitra Angkasa and the eventual issued and
paid up capital of Mitra Angkasa.
The terms of arrangement or timeline for payment for the Proposed Initial
Investment and the subscription of additional ordinary shares and preference
shares.
To make available the Shareholder Agreement and other relevant documents (if
any) as document for inspection.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
SUZALINA HARUN
Head, Issuers
Listing Division
Regulation
WCY/NM
copy to:- General Manager & Head, Market Surveillance, Securities Commission
(via fax) |
Reply to Query from Bursa Malaysia Securities Berhad (Ref. No.: NM-130226-39608)
| 1 |
Mitra Angkasa has been awarded a time charter hire for a utility vessel contract, inclusive of subsequent extensions arising from the Letter of Award from Petronas dated 21 October 2009 Ref :P8A/C5/W802(C) from MEOS as follows:
- Effective from 1 September 2012 prior to the delivery of Duyong Tiga at a daily charter rate of RM12,500;
- Upon the delivery of Duyong Tiga at a daily charter rate of RM14,388
Mitra Angkasa is also required to provide bank guarantees for MEOS on back to back as stipulated in the Petronas contract.
This time charter hire includes charter hire from 1 September 2012 to 21 October 2014, a two year plus one year renewal option period.
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| 2 |
MEOS is a company incorporated in Malaysia involved in the development of oil and gas, repair facilities and logistics base, offshore and logistics services, minor fabrication and maintenance services. MEOS was incorporated in 4 February 1999 with a paid-up share capital of RM4,600,000.
The directors of MEOS are Datuk Che Md Nawawi Bin Ismail and YB Datuk Wan Ahmad Fauzi Bin Hashim @ Wan Husain.
The Major Shareholders of MEOS are :
- Inno Serangkai Sdn Bhd (3,634,000 shares),
- YB Datuk Wan Ahmad Fauzi Bin Hashim @ Wan Husain (690,295 shares) and
- Alternate Synergy Management Consultants Sdn Bhd (242,505 shares).
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| 3 |
Mitra Angkasa has been awarded a time charter hire for a utility vessel contract, inclusive of subsequent extensions arising from the Letter of Award from Petronas dated 21 October 2009 Ref: P8A/C5/W802(C) from MEOS.
Mitra Angkasa had on 22 February 2013 entered into a shipbuilding contract with Sealink Shipyard Sdn Bhd to acquire a Utility Vessel ("Duyong Tiga") at RM15.8 million for the time charter contact from MEOS. The Duyong Tiga vessel is expected to be delivered by 30 April 2013 and shall replace the current vessel currently chartered from SEALINK for the time charter from 1 September 2012.
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| 4 |
Sea Legend’s eventual interest in Mitra Angkasa shall be as follows:-
- Ordinary shares - 500,001 shares of RM1.00 each (50.0001%)
- Redeemable Preference Shares - 1,750,000 shares of RM1.00 each (50.0%)
Mitra Angkasa eventual issued and paid-up share capital shall be RM4,500,000 made up as follows:
- Ordinary shares - 1,000,000 shares of RM1.00 each
- Redeemable Preference Shares - 3,500,000 shares of RM1.00 each
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| 5 |
The Proposed Initial Investment and subscription of the additional ordinary and redeemable preference shares shall be transferred / subscribed once Sea Legend is satisfied with the results of the due diligence conducted on Mitra Angkasa. The due diligence is expected to be concluded within a month from 22 February 2013. |
| 6 |
The following documents shall be made available to the shareholders for their inspection:-
- Shareholder Agreement dated 22 February 2013
- MEOS letter of award to Mitra Angkasa dated 26 April 2012
- Time charter agreement entered between Mitra Angkasa and MEOS dated 23 February 2013
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This announcement is dated 27 February 2013.
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