Otto Marine Limited, its 90% owned subsidiary, Go Marine Group Pty Ltd, has entered into a Memorandum of Agreement to sell seven vessels.
The MoA, signed on 31st December 2013, is for the vessels known as GO 4 IT, GO Puriya, GO Shaula, Piparn, Yikara, Minotaur and Centaur to RSOV Marine Pte Ltd (the buyer) for an aggregate consideration of $10 million.
Mr Yaw Chee Siew, the company’s Executive Chairman and controlling shareholder, owns a 29% interest in the issued and paid-up share capital of the buyer, with the remainder held by unrelated third party.
The above transaction is not expected to have a material impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ended 31 December 2013.
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Press Release, January 3, 2014