Wednesday, June 15, 2011

Scomi Marine calls off plans to sell 4 firms to subsidiary

KUALA LUMPUR: SCOMI MARINE BHD []'s unit has called off its plans to dispose of four marine logistics companies to its 80.54% owned PT. Rig Tenders Indonesia Tbk (PTRT) for 323.1 billion rupiah (RM538.3 million) in a group-related corporate exercise.

Scomi Marine said on Wednesday, June 15 the period to comply with the conditions under the standby purchase agreement had lapsed on March 31. It added that various conditions had also not been met.

To recap, the corporate exercise announced on Friday, Dec 17 would have involved its unit Scomi Marine Services Pte Ltd selling four companies to PTRT.

The four companies were CH Logistics Pte Ltd, CH Ship Management Pte Ltd, Grundtvig Marine Pte Ltd and Goldship Private Ltd to PTRT. The marine logistics companies own and operate 51 vessels, comprising 27 tugs and 24 flat top barges.

Under the exercise, PTRT had proposed to undertake a renounceable rights issue to partly fund the Disposal Consideration whereby Scomi Marine Services would undertake to renounce all of its entitlement to Portside Offshore Inc. and PT Revessel Indonesia.

Scomi Marine said on Wednesday that after due deliberation, its unit Scomi Marine Services (SMS), Portside and PTRT had entered into the deed of mutual termination, discharge and release to mutually terminate the agreement.

'Nevertheless, Scomi Marine will continue and endeavour to talk to other suitable strategic investor(s) to undertake similar proposals, in line with the group's strategic plans,' it said.

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