(Company Registration Number 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
RESPONSE TO SGX'S QUERIES REGARDING ACQUISITION OF AN ASSOCIATED COMPANY
In response to the queries from Singapore Exchange Securities Trading Limited ("SGX"),
with regard to the announcement on "Acquisition of an Associated Company" released on
21 August 2013 in connection to the investment in Expro Synergy Sdn. Bhd. ("Expro
"Company") wishes to provide the information as set out below:
Query A
Is there any valuation done with regards to Chapter 1010(5).
Company's responseAs advised in our initial announcement, Expro Synergy holds a valuation vessel charter license (the "License") to trade with an international state owned oil and gas conglomerate. The License provides the opportunity for the Company to obtain valuable profitable charter contracts for its vessel charter fleet, that it would otherwise not be able to obtain with this international conglomerate. The consideration paid was management's valuation of the minimum net realizable value it can obtain from the exploitation of the License.
Query B
Provide Relative figures computed pursuant to Rule 1006 of the SGX Listing Manual.
Company's responseThe relative figures computed pursuant to the Rule 1006 of the SGX Listing Manual are as follows:
Rule 1006(a) | The net asset value of the assets to be disposed of, compared with the Group's net asset value. This basis is not applicable to an acquisition of assets. | NA |
Rule 1006(b) | The net profits attributable to the assets acquired, compared with Group's net profits. | -0.01% |
Rule 1006(c) | The aggregate value of the consideration given, compared with the Company's market capitalisation based on the total number of issued shares excluding treasury shares. | 0.22% |
Rule 1006(d) | The number of equity securities issued by the Company as consideration for an acquisition, compared with the number of equity securities previously in issue. | NA |
None of the relative figures computed on the applicable bases as set out in Rule 1006
SGX-ST Listing Manual are applicable and/or exceeds 5%, the acquisition of Expro
Synergy Sdn. Bhd. which was for a consideration of RM980,000 and it is therefore a "Non- discloseable Transaction" for the purpose of Chapter 10 of the SGX-ST Listing Manual.
By Order of the Board
Garrick Stanley
Executive Director & Group CEO
2 September 2013
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