ASL Marine Acquires Shipyard In Batam

ASL Marine Acquires Shipyard In Batam

JAKARTA-The ASL Marine Holdings Ltd. and its wholly-owned subsidiary, PT. Sukses Shipyard Indonesia have entered into a conditional sale and purchase agreement dated on January 24, 2014 with Miclyn Express Offshore Limited (MEO) and its wholly-owned subsidiary, PT Loh & Loh Construction Indonesia to acquire a shipyard in Batam, Indonesia.

Sukses Shiyard has agreed to acquire the property and fixed assets in respect of a shipyard from PT Loh & Loh Construction Indonesia for the cash consideration of US$20.0 million or equal with Sin$25.6 million based on the exchange rate of US$1: Sin$1.279.

“The Company intends to use internal sources of funds and/or external borrowings to finance the consideration payable to the PT Loh & Loh,“ said Ang Kok Tian, Chairman and Managing Director, in a press release on Monday (1/27/2013).

The shipyard operates on the land located at Jalan Brigjen Katamso Km. 19 Tanjung Uncang Batam, Indonesia, being adjacent to the Group’s existing shipyard in Batam.

It is situated in a free trade zone with industrial areas designated specifically for shipyards with infrastructure such as roads, telecommunications, utilities and supporting services.

The Sale Assets comprise a site of 12.2 hectares with berthing / repair quays of 220 metres, 2 shiprepair slip / launch-ways and shipyard facilities (office building, fabrication shop, and machineries) which cater for shipbuilding, vessels repair, modification and mobilisation, as well as modular fabrication services.

The Purchaser commissioned KJPP, Sarwono, Indrastuti & Rekan (KJPP), a property valuer, to evaluate the market value of the Sale Assets, being the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

According to its valuation report dated 15 January 2014 and using the value based market data approach and cost approach, KJPP is of the opinion that the market value of the assets as at 20 December 2013 is around IDR310.6 billion or equal to approximately Sin$33.0 million based on the exchange rate of Sin$1: Rp9,426.

MEO is headquartered in Singapore and is a leading provider of offshore vessel services. It operates a range of offshore support vessels, crew/utility vessels, tugs and barges for customers in the offshore oil and gas industry across South-East Asia, Australia and the Middle East.

Source: http://business.bisnis.com/