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BackAug 30, 2013
Type Announcement
Subject OTHERS
Description CHANGE OF GROUP STRUCTURE: PROPOSED INVESTMENT IN NEW SUBSIDIARY
We refer to the announcement dated 22 February 2013 and 27 February 2013 in respect of the Proposed Investment in Mitra Angkasa Sdn Bhd (Company No. 974404-T) (“Mitra Angkasa”) and the Board of Directors of Sealink International Berhad (Company No.800981-X) ("SEALINK" or "the Company") is pleased to announce the satisfactory completion of the due diligence of Mitra Angkasa. The due diligence was delayed due to the completion and clarification of several outstanding matters which have since been resolved.
Mitra Angkasa has increased the authorised capital from its initial authorised capital of RM100,000 (divided into 100,000 ordinary shares of RM1.00 each) which as at 30 August 2013, stands at RM10,000,000 (divided into 3,000,000 Ordinary Shares and 7,000,000 Redeemable Preference Shares (“RPS”) both of RM1.00 each).

Sea Legend Shipping Sdn Bhd (Company No. 703278-W) (“Sea Legend”) acquired 50,000 ordinary shares representing 50% equity interest in Mitra Angkasa from Malaysian Engineering and Oilfield Services Sdn Bhd (Company No. 476682-A) (“MEOS”) for a total cash consideration of RM50,000 (“Initial Investment”) on 30 August 2013.

On the same date, in addition to the Initial Investment, Sea Legend and MEOS subscribed for 450,001 and 449,999 ordinary shares of RM1 each respectively in Mitra Angkasa. Hence, the shareholdings of Sea Legend and MEOS stands at 50.0001% and 49.9999%, respectively.

Sea Legend and MEOS, have also entered into a Deed of Variation on 30 August 2013 to vary the terms for the subscription of RPS from 3,500,000 RPS to 5,000,000 RPS. Hence both Sea Legend and MEOS shall respectively subscribe 2,500,000 RPS at RM1 each at an interest rate of 9.1% per annum in Mitra Angkasa in due course.

The vessel under the Shipbuilding Agreement signed between Mitra Angkasa and Sealink Shipyard Sdn Bhd (Company No 195853-D) is expected to be completed and delivered in September 2013.

Copies of the following documents as listed below are available for inspection at the Registered Office of the Company at Lot 1035, Block 4, MCLD, Piasau Industrial Area, 98000 Miri, Sarawak from Mondays to Fridays (except Public Holidays) during normal business hours from the date of this announcement for a period of two weeks, namely:

    Shareholders Agreement dated 22 February 2013;
    Shipbuilding Agreement dated 22 February 2013;
    Due Diligence Report dated 25 July 2013;
    Deed of Variation dated 30 August 2013;
    Share Transfer Form dated 30 August 2013;
    Return of Allotment of Shares dated 30 August 2013
This announcement is dated 30 August 2013.

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 41 vessels, it can cater to a wide base of reputable clients in the various segments of the industry.

 

Announcement Info

Company Name SEALINK INTERNATIONAL BERHAD  
Stock Name SEALINK    
Date Announced 30 Aug 2013  
Category General Announcement
Reference No CS-130830-12DF2