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Otto Marine Subsidiary Entered into 2 Stock Purchase Agreements

Source: www.gulfoilandgas.com 4/24/2015, Location: Not categorized

Otto Marine Limited wishes to announce that its indirect wholly owned subsidiary, Supply Fleet Pte. Ltd. (the Buyer), entered into two (2) stock purchase agreements, with an unrelated third party (the “Seller”) in relation to:
(i) the purchase of 35,500 ordinary and fully paid-up shares held by the Seller (the Acquired RSOV Shares”) in RSOV Marine Pte. Ltd. (“RSOV Marine”), a company incorporated in Singapore. The Acquired RSOV Shares constitute 71% of the total issued and paid-up share capital of RSOV Marine; and
(ii) the purchase of 7,100 ordinary and fully paid-up shares held by the Seller (the Acquired RY Offshore Shares”) in RY Offshore Pte Ltd (“RY Offshore”), a company incorporated in the British Virgin Islands.

The Acquired RY Offshore Shares constitute 71% of the total issued and paid-up share capital of RY Offshore,(collectively, the Acquisitions).The consideration for the Acquisitions was approximately US$8.0 million (the Purchase Price) and was agreed on a willing-buyer and awilling-seller basis, and taking into account the pro-rated amount of the respective net tangible assets of RSOV Marine and RY Offshore.

The Purchase Price will be satisfied wholly in cash and settlement shall be upon the fulfillment and/or waiver of certain conditions precedent and completion of due diligence.

The net value of the Acquired RSOV Shares and Acquired RY Offshore Shares was approximately US$11.0 million and was derived a ton a willing buyer, willing seller basis and taking into account the pro-rated amount of the respective net tangible assets of RSOV Marine and RY Offshore.

Upon completion of the Acquisitions, RSOV Marine and RY Offshore will become indirect subsidiaries of the Company.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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