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Singapore, 21 August 2014 Singapore Exchange Mainboard-listed Aztech Group Ltd (“Aztech”) announced that the Group has acquired the leasehold interest of a shipyard located at 15D Pandan Road, Singapore 609266 (the “Shipyard”) through the acquisition of 100% of the shares of the existing company which owns the leasehold interest of the Shipyard, which is now known as AZ Marine Offshore Services Pte Ltd. Occupying a site area of approximately 251,500 square feet and water frontage of approximately 2,475 feet long, the Shipyard consists of a part 4-storey / part 6-storey detached factory with an open yard and jetty. The acquisition is in line with the overall strategy of the Group to strengthen its core marine logistics capability, as well as expand its ship repair and maintenance capacity. Established in 2008, AZ Marine is a fast growing and dynamic offshore and marine company providing a wide range of marine services including ship management, vessel agency, ship chandling and ship brokerage services. It owns a fleet of 11 tugs, 9 barges, 2 self-propelled conveyor barges, 2 mooring boats and 1 passenger launch boat. The acquisition of this large waterfront and yard facilities will strengthen AZ Marine’s vessel repair and maintenance works capability, allowing it to further develop its marine logistics business and expand into third-party repair, refurbishment and retrofitting works of vessels. With in-house machining workshop in the Shipyard, the company will be able to shorten the machining lead time and provide better turnaround time for vessel repairing. In the long run, this acquisition will further open up new revenue opportunities in the fabrication and high value-added services catering to the fast growing Oil & Gas industry. It will also enable AZ Marine to better provide ancillary services such as ship agency, ship chandling and vessel resupply to its clients. The acquisition is not expected to have any material impact on the Group’s financials for the current financial year. About Aztech Group Ltd. (“Aztech”) Incorporated in 1986 and listed on the Main Board of the Singapore Exchange, Aztech is a dynamic international group with key activities in Electronics and LED Lighting Design & Manufacturing, Materials Supply, Marine Logistics and Food Business. The Group operates in seven countries over three continents. For more information, please visit www.aztech-group.com About Az Marine Pte Ltd. (“Az Marine”) Set up in 2008, Az Marine is the Marine Logistics unit of Aztech Group offering a wide range of marine services. We provide full-fledged Marine Transportation as well as Operation, Sales and Purchasing, Ship Chartering, Ship Chandling and Ship Agency. For more information, please visit www.azmarine.com AZ Marine, press release |
