Go Marine Group Sells Seven Vessels for USD 10 Million

Otto Marine Limited  announced that its 90% owned subsidiary, Go Marine Group Pty Ltd has entered into a Memorandum of Agreement dated 31st December 2013 to sell seven (7) vessels known as GO 4 IT, GO Puriya, GO Shaula, Piparn, Yikara, Minotaur and Centaur to RSOV Marine Pte Ltd for an aggregate consideration of US$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. Save as disclosed above, none of the directors or controlling shareholders of the company has any interest, whether direct or indirect, in the above transaction other than through their shareholdings in the company.

[mappress]

Otto Marine, January 3, 2014