ASL Marine acquires shipyard facility in Batam
Monday, January 27 2014 - 01:28 AM WIB
SGX-listed ASL Marine Holdings Ltd. announced that it has entered into a conditional sale and purchase agreement with Singapore-based Miclyn Express Offshore Limited (MEO) to acquire the latter?s property and fixed assets in respect of a shipyard for the cash consideration of US$20 million (about S$25.6 million).
The agreement was signed on January 24 by ASL Marine and its wholly-owned subsidiary, PT Sukses Shipyard Indonesia, and MEO and its wholly-owned subsidiary, PT Loh & Loh Construction Indonesia.
ASL Marine said in a statement obtained Monday that the shipyard operates on the land located at Jalan Brigjen Katamso Km. 19 Tanjung Uncang Batam, being adjacent to the Group?s existing shipyard in Batam. It is situated in a free trade zone with industrial areas designated specifically for shipyards with infrastructure such as roads, telecommunications, utilities and supporting services.
The assets for sale comprise a site of 12.2 hectares with berthing / repair quays of 220 meters, 2 shiprepair slip / launch-ways and shipyard facilities (office building, fabrication shop, and machineries) which cater for shipbuilding, vessels repair, modification and mobilization, as well as modular fabrication services.
ALM Marine commissioned KJPP, Sarwono, Indrastuti & Rekan (KJPP), a property valuer, to evaluate the ?market value? of the assets, being the ?estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm?s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion?.
According to its valuation report dated 15 January 2014, and using the ?value based market data approach and cost approach?, KJPP is of the opinion that the market value of the assets as at 20 December 2013 is Rp310.6 billion (equivalent to approximately S$33.0 million based on the exchange rate of S$1: Rp9,426).
MEO is headquartered in Singapore and is a leading provider of offshore vessel services. It operates a range of offshore support vessels, crew/utility vessels, tugs and barges for customers in the offshore oil and gas industry across South-East Asia, Australia and the Middle East.
ASL Marine Holdings Ltd is a fully integrated marine company with a strong focus in shipbuilding, shiprepair, ship conversion, shipchartering and other marine related services, catering to customers mainly from Asia Pacific, South Asia, the Middle East, and Europe. Headquartered in Singapore, ASL Marine owns and operates 3 shipyards in Singapore, Indonesia and China.
Editing by Reiner Simanjuntak