ASL Marine completes acquisition of Batam shipyard
Thursday, May 8 2014 - 04:22 PM WIB
SGX-listed ASL Marine Holdings Ltd. announced on Thursday it has completed the acquisition of the shipyard owned by Singapore-based Miclyn Express Offshore Limited (MEO) for the cash consideration of US$20 million.
?The Board wishes to announce that the Acquisition is completed. In accordance with the terms of the Agreement, the Purchaser has on Completion paid the balance of the Consideration to the Vendor, and has taken possession of the Sale Assets,? the firm said in a statement filed with the Singapore Stock Exchange
ASL Marine signed the purchase agreement with MEO on Jan. 24, 2014.
The firm said in a statement in January that the shipyard operates on the land located at Jalan Brigjen Katamso Km. 19 Tanjung Uncang Batam, adjacent to ASL Marine?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.
Editing by Johannes Simbolon