Otto Marine Announces Acquisition of Expro Synergy

The Board of Directors of Otto Marine Limited announced that its 90% owned subsidiary, Go Marine Ship Management (S) Pte. Ltd., has entered into a Shares Sale Agreement with Messrs. Noor Haizam Bin Wasir and Mohd Azmy Bin  Khosne on 19 August 2013 to acquire 49% of the total issued shares in Expro Synergy Sdn. Bhd. for a total consideration of RM980,000 (Proposed Acquisition).

The Board of Directors of Otto Marine Limited further announced that the Company will be increasing its investment in Expro Synergy by RM147,000 (Further Investment”). The Company’s percentage shareholding is expected to remain  at 49% of the total issues shares in Expro Synergy. The Company will issue an updated announcement upon the completion of the Further Investment.

Expro Synergy is a company incorporated in Malaysia on 9 January 2012 and it holds a valuable vessel charter licence to trade with an international state owned oil and gas conglomerate.

Upon completion of the Proposed Acquisition, Expro Synergy will become an associated company of Otto Marine Limited.

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Otto Marine, August 21, 2013