Scomi drops agreement to sell units to Rig Tenders

Malaysian-listed firm Scomi Marine Bhd (SMB) through its wholly-owned unit Scomi Marine Services Pte Ltd (SMS), Portside Offshore Inc, and PT Revessel Indonesia announced Wednesday that they have mutually terminated the Master Framework Agreement (MFA) on acquisition of Indonesian-listed coal shipping and marine services company PT Rig Tenders Tbk.

Under the Deed of Mutual Termination, Discharge and Release signed on 15 June 2011, Scomi, Portside, and PT Revessel are released from all their respective rights obligations, liabilities and undertakings under the MFA.

?Scomi Marine continues to engage with parties who have shown interest to become potential partners to undertake similar proposal?, said Mukhnizam Mahmud, President of

SMB. ?Our strategic plans to reduce our shareholding in PTRT, will enable PTRT to comply with the cabotage laws in Indonesia and tap into the growing demand for Indonesian flagged vessels?, Muknizam added.

Scomi previously plans to dispose all of its interest in CH Logistics Pte Ltd, Sea Master Pte Ltd, CH Ship Management Pte Ltd, Grundtvig Marine Pte Ltd, PT Batuah Abadi Lines, and Goldship Private Ltd to its 80.54%-owned Indonesian subsidiary PT Rig Tenders Indonesia Tbk.

The total investment is around US$135.9 million and Rp323.1 billion. As to fulfill the plan, Rig Tenders plan to conduct a rights issue. PT Revessel previously has agreed to acquire several shares in the rights issue plan, which resulting PT Revessel to have at least 51% shareholding in Rig Tenders. (denny)