Increase In Investment In A Subsidary, Galaxy Shipping Services Sdn Bhd
The Board of Directors of Samudera Shipping Line Ltd (the "Company") wishes to announce that the Company has entered into a Sale and Purchase Agreement on 27 April 2012 with Jardine Shipping Services Holdings Limited, a company incorporated in the British Virgin Islands, to acquire the remaining 40% equity interest in Galaxy Shipping Services Sdn. Bhd ("Galaxy"), representing 400,000 ordinary shares of RM 1.00 each, for a cash consideration of RM 495,000.00 (the "Acquisition"). The consideration was arrived at a willing seller willing buyer basis.
Galaxy, incorporated in Malaysia, is a 60%-held subsidiary of the Company. Upon the completion of the Acquisition, Galaxy will be wholly-owned by the Company.
Mr Asmari Herry Prayitno and Mr Anwarsyah, who are the Executive Directors of the Company, are also the Directors of Galaxy.
The Acquisition is funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets of the Group and earnings per share of the Company for the current financial year.
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
27 April 2012