KUALA LUMPUR: SEALINK INTERNATIONAL BHD []'s wholly owned subsidiary Sea Legend Shipping Sdn Bhd is subscribing 250,000 shares representing 25% equity interest in Logistine Sdn Bhd (Logistine), which provides services to the oil and gas industry, for RM2 million cash.
Sealink said on Monday, Dec 27 that the proposed investment provides an opportunity for it to immediately expand its chartering and shipbuilding business.
It said Logistine had been awarded two long term contracts for the charter of two offshore support vessels for periods till Oct 21, 2014 and Oct 24, 2014 respectively, with options for renewal for another three years.
The total contract value for the two charter contracts (excluding options for renewal) were approximately RM89 million, it said.
The shareholders in Logistine are Inno Senada Sdn Bhd, Rejoice Matrix Sdn Bhd and Sea Legend Shipping Sdn Bhd, holding 50%, 25% and 25% respectively.
Sealink said the subscription of the shares would be financed by internally generated funds, and that the investment was expected to contribute positively to its earnings for the financial year ending Dec 31, 2011 and beyond.
Sealink said on Monday, Dec 27 that the proposed investment provides an opportunity for it to immediately expand its chartering and shipbuilding business.
It said Logistine had been awarded two long term contracts for the charter of two offshore support vessels for periods till Oct 21, 2014 and Oct 24, 2014 respectively, with options for renewal for another three years.
The total contract value for the two charter contracts (excluding options for renewal) were approximately RM89 million, it said.
The shareholders in Logistine are Inno Senada Sdn Bhd, Rejoice Matrix Sdn Bhd and Sea Legend Shipping Sdn Bhd, holding 50%, 25% and 25% respectively.
Sealink said the subscription of the shares would be financed by internally generated funds, and that the investment was expected to contribute positively to its earnings for the financial year ending Dec 31, 2011 and beyond.
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