Increase In Investment In A Subsidiary, Foremost Maritime Pte Ltd
The Board of Directors of Samudera Shipping Line Ltd (the "Company") wishes to announce that the Company has increased its investment in Foremost Maritime Pte Ltd ("Foremost"), a wholly-owned subsidiary of the Company, by way of a share subscription (the "Share Subscription").
The Company has subscribed for an additional 23,036,820 new ordinary shares of S$1.00 each, as issued and fully paid-up in the share capital of Foremost, by way of capitalisation of the advances totaling US$17,858,000 (equivalent to S$23,036,820) provided to Foremost. The purpose of the advances was to partially finance the acquisition of two (2) Supramax bulk carriers, Sinar Kutai and Sinar Kapuas, delivered during the year (announced on 23 March 2011 and 12 April 2011 respectively).
Following the Share Subscription, Foremost's share capital has increased from S$78,536,611 to S$101,573,431. The Share Subscription is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group and the Company for the current financial year.
Mr Hermawan Fridiana Herman, who is an Executive Director of the Company, is also the Director of Foremost.
Save as disclosed above, none of the Directors or Substantial Shareholders of the Company has any interest, direct or indirect, in the above transaction.
By order of the Board
Hermawan Fridiana Herman
28 December 2011