Seroja acquires stake at FSO rental companies

Singapore-listed firm Seroja Investments Limited announced on Monday that it has entered into a JV agreement with PT Multiline Shipping Services (MSS) and PT Saratoga Sentra Business (SSB) to acquire a 30% stake in 2 Indonesian companies called PT Pelayaran Antarbuwana Pertala (PAP) and PT Sinar Mentari Prima (SMP).

PAP together with Federal Offshore Services Pte Ltd have contract to charter a Floating Storage and Off-Load (FSO) Services vessel called ?Federal I‟ to Petrochina International Jabung Ltd on 16 January 2006. The Time Charter will expire on 31 March 2016 with an option to PetroChina to extend for another 5 years. The Vessel is a 149,235 DWT, all steel welded, single hull motor tanker built in 1981 by Ishikawajima-Harima Heavy Industries Co. Ltd., Kure, Japan.

The transaction is an interested party transaction because SSB, which will be acquiring a 50% stake in both PAP and SMP, is a subsidiary of PT Saratoga Investama Sedaya which is owned and controlled by Edwin Soeryadjaya and Sandiaga Uno, who together control 47.6% of Seroja.

SIL is a marine transport provider of dry-bulk freight through the charter of vessels which consist of tugboats and barges. The Group owns and operates a fleet of 59 vessels comprising which navigate waters around the Indonesian archipelago and international routes from Vietnam to Singapore.(alex)