Otto Marine Sells Seven for $10m

Otto Marine Sells Seven for $10m

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.



Press Release, January 3, 2014

Related news

List of related news articles