MERMAID DISPOSES OF INVESTMENT IN ALLIED MARINE & EQUIPMENT SDN. BHD.
12 July 2010
Expected gain from disposal is approximately USD 12 million with transaction completion scheduled for mid-September 2010.
1. Introduction:
The Board of Directors of Mermaid Maritime Public Company Limited (“Mermaid”) wishes to
announce that it had entered into a Share Sale Agreement (“Agreement”) dated 09 July 2010 for the
sale of its twenty five percent (25%) shareholding (“Proposed Transaction”) in Worldclass
Inspiration Sdn. Bhd. (“WCI”). WCI is an investment holding company whose sole asset is ninety
percent (90%) of the shares in Allied Marine & Equipment Sdn. Bhd. (“AME”), a Petronas licensed
provider of subsea engineering services to the offshore oil and gas industry incorporated in
Malaysia. Upon completion of the Proposed Transaction, WCI (and AME) will cease to be associated
companies of Mermaid.
2. Particulars of the Purchaser:
The purchaser is Georgia Attraction Sdn. Bhd. (“Purchaser”), the other shareholder of WCI. The
Purchaser is an investment holding company representing a consortium of investors. The Purchaser
is presently the registered owner of seventy five percent (75%) of WCI. Upon completion of the
Proposed Transaction, the Purchaser shall become the registered owner of one hundred percent
(100%) of WCI.
WCI is a company incorporated on 18 April 2007 in Malaysia. It has an authorized share capital of RM 50,000,000 comprising 50,000,000 ordinary shares at RM 1.00 each. It has an issued share capital of RM 36,029,629 ordinary shares of RM 1.00 each.
Mermaid is the registered owner of 9,007,407 ordinary shares of RM 1.00 each, representing twenty five percent (25%) of the issued share capital in WCI (“Sale Shares”).
Detailed report at: http://mermaid.listedcompany.com/
Mermaid Maritime Public Company Limited