Sealink Announces Changes to Group Structure

The Board of Directors of Sealink International Berhad (SEALINK) announced the satisfactory completion of the due diligence of Mitra Angkasa. The due diligence was delayed due to the completion and clarification of several outstanding matters which have since been resolved.

Mitra Angkasa has increased the authorised capital from its initial authorised capital of RM100,000 (divided into 100,000 ordinary shares of RM1.00 each) which as of 30 August 2013, stands at RM10,000,000 (divided into 3,000,000 Ordinary Shares and 7,000,000 Redeemable Preference Shares (“RPS”) both of RM1.00 each).

Sea Legend Shipping Sdn Bhd (Sea Legend) acquired 50,000 ordinary shares representing 50% equity interest in Mitra Angkasa from Malaysian Engineering and Oilfield Services Sdn Bhd (MEOS) for a total cash consideration of RM50,000 (Initial Investment) on 30 August 2013.

On the same date, in addition to the Initial Investment, Sea Legend and MEOS subscribed for 450,001 and 449,999 ordinary shares of RM1 each respectively in Mitra Angkasa. Hence, the shareholdings of Sea Legend and MEOS stands at 50.0001% and 49.9999%, respectively.

Sea Legend and MEOS, have also entered into a Deed of Variation on 30 August 2013 to vary the terms for the subscription of RPS from 3,500,000 RPS to 5,000,000 RPS. Hence both Sea Legend and MEOS shall respectively subscribe 2,500,000 RPS at RM1 each at an interest rate of 9.1% per annum in Mitra Angkasa in due course.

The vessel under the Shipbuilding Agreement signed between Mitra Angkasa and Sealink Shipyard Sdn Bhd is expected to be completed and delivered in September 2013.

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Press Release, September 2, 2013