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Samudera Shipping announces disposal of subsidiary, Silkargo LLC |
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Saturday, 13 March 2010 |
 The Board of Directors (the “Board”) of Samudera Shipping Line Ltd (the “Company” or “Samudera”) wishes to announce that on 8 March 2010, the Company’s wholly-owned subsidiary, Silkargo Logistic (Singapore) Pte Ltd (the “Seller”),
has entered into a Sale and Purchase Agreement with PT. Silkargo
Indonesia (the “Purchaser”) for the disposal and purchase of the
Seller’s 49% equity interest in the issued and paid-up share capital of
Silkargo LLC (“Silkargo”), a company registered with the Department of
Economic Development, Dubai, United Arab Emirates (the “Disposal”), for a
consideration of US$380,000 (the “Purchase Consideration”). Following
the Disposal, Silkargo will cease to be a subsidiary in the Samudera
group of companies (the “Group”).
The rationale for the Disposal, the term and condition of which have
been reviewed and approved by the Audit Committee of the Company, is
that the Group intends to focus on its core business activities, i.e.
container shipping and industrial shipping, and exit from its current
logistics business. The Group therefore disposed off its logistics
activities carried out by Silkargo. Silkargo was established by the
Group in 2003 to run logistics business in the United Arab Emirates.
Silkargo’s activities include freight clearing services, cargo loading
& unloading services, cargo packaging, and general warehousing
service.
The Purchase Consideration was arrived at on a willing-buyer and
willing-seller basis, having regard to Silkargo’s net tangible assets of
approximately US$380,000 as at 5 January 2010.
The Purchaser will pay the Purchase Consideration to the Seller in cash
on the completion date of the Disposal.
The Disposal is not expected to have any material impact on the net
tangible assets or earnings per share of the Company for the current
financial year.
The Purchaser is a subsidiary of PT Samudera Indonesia Tbk. (“PTSI”), a
substantial shareholder of the Company. Randy Effendi, Chairman of the
Company, is also a President Director of PTSI and President Commissioner
of the Purchaser. Hamdi Adnan, a Director of the Company, is a Director
of PTSI and Commissioner of the Purchaser. Masli Mulia, a Director of
the Company, is also a Director of PTSI and President Director of the
Purchaser.
Save as disclose above, none of the other Directors or the other
substantial shareholders of the Company has any interest, direct or
indirect, in the above transaction.
Source: Samudera Shipping Line Ltd
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