Malaysia?s Nam Cheong Pioneer to invest in RI shipping firm
Thursday, September 19 2013 - 03:56 AM WIB
Malaysia?s offshore marine group Nam Cheong Limited said that its wholly-owned subsidiary Nam Cheong Pioneer Sdn Bhd (NCP) has entered into a cooperation agreement with Indonesia?s shipping firm PT Bahtera Niaga Internasional (BNI), and Indonesian citizen Ms Nelly to jointly invest in a shipping company in Indonesia.
The company said in a statement obtained Thursday that pursuant to the cooperation agreement, NCP will acquire 49 percent of the equity stake in PT Bahtera Niaga Indonesia (the JV Co) from BNI for the purchase consideration of US$1.5 million.
The consideration was arrived at on a ?willing-buyer willing-seller? basis, taking into account of the business prospect of the JV Co and the net tangible asset of the JV Co of US$2.3 million as at 31 August 2013, and will be satisfied in cash through internal resources.
The purpose and objectives of the JV Co is the owning, operating and chartering of marine vessels for transportation, exploration and production activities in the oil and gas industry and to manage the maintenance of marine vessel and provision of offshore marine service and all other related businesses and activities, which includes the obtaining of all necessary consents and approvals in connection therewith and the carrying out of all ancillary activities, the company explained.
As an integrated offshore player, the JV Co is strategically positioned to seize opportunities presented in the Indonesian market, Nam Cheong said.
In line with the Nam Cheong?s corporate strategy to strengthen its position as one of the leading global offshore marine players, the group is bringing to the joint venture its 20-year track record in building and delivering quality offshore support vessels. In addition, the joint venture will help to enhance the group?s vessel chartering operations and grow its recurring income stream through the utilization of BNI?s ship management and crew expertise.
Nam Cheong is a leading global offshore marine group specializing in the building of Offshore Support Vessels.
Editing by Reiner Simanjuntak