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Agritrade Resources : Discloseable Transaction Disposal of Vessels

10/14/2011 | 05:20am US/Eastern
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Bermuda with limited liability)

(Stock Code: 1131)

DISCLOSEABLE TRANSACTION DISPOSAL OF VESSELS

The Company is pleased to announce that the disposal by the Vendor, an indirect wholly-owned subsidiary of the Company, to the Purchaser of the Vessels for the Consideration of S$3,137,000 (equivalent to approximately HK$18,822,000) was completed on 3 October 2011.
As the applicable percentage ratios under Rule 14.07 of the Listing Rules for the Disposal exceed 5% but are below 25%, the Disposal constitutes a discloseable transaction for the Company under Chapter 14 of the Listing Rules and is subject to the notification and announcement requirements under the Listing Rules.
The Company is pleased to announce that the disposal by the Vendor, an indirect wholly-owned subsidiary of the Company, to the Purchaser of the Vessels for the Consideration of S$3,137,000 (equivalent to approximately HK$18,822,000) was completed on 3 October 2011.
Principal terms of the MOA are set out as follows.

MOA

Date

:

15 September 2011

Parties

:

(1) Vendor

:

Rimau Shipping Pte Limited, an indirect wholly-owned subsidiary of the Company.

(2) Purchaser

:

Kyosen Transport Pte Limited.

1

To the best knowledge, information and belief of the Directors having made all reasonable enquiries, the
Purchaser and its beneficial owners are Independent Third Parties.

Assets to be disposed of

Pursuant to the MOA, the Purchaser has agreed to purchase and the Vendor agreed to sell the Vessels which are beneficially owned by the Vendor.

Consideration

The Consideration under the MOA is S$3,137,000 (equivalent to approximately HK$18,822,000) and payable by the Purchaser to the Vendor in cash in the following manner:
(a) as to S$318,000 (equivalent to approximately HK$1,908,000), being the deposit shall be paid by the
Purchaser to the Vendor within 3 Business Days after the signing of the MOA; and
(b) as to S$2,819,000 (equivalent to approximately HK$16,914,000), being the remaining balance of the Consideration, shall be paid by the Purchaser to the Vendor upon Completion.
The Consideration was negotiated between the Parties at arm

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