The board of directors of Otto Marine Limited revealed that the Company, its wholly-owned subsidiary, Otto Ventures Pte Ltd, Hoe Leong Corporation Ltd. Aries Offshore Singapore Pte Ltd and its 4 wholly owned subsidiaries have entered into a deed of settlement in connection with the termination of their joint venture investment in the Aries Group on 12 February 2014.
Pursuant to the Deed, OVPL will inter alia, acquire HLC’s 51% of the shares in Aries for a consideration of US$1 and the mutual release and discharge of any and all claims which the Otto Entities and HCL may have against each other.
Upon the completion of the acquisition, Aries shall become a wholly-owned subsidiary of the Company and OVPL.
[mappress]
Otto Marine, February 14, 2014