Chuan HUP Subsidiary Sells Entire Stake In Dredging International

Tuesday, December 18, 2001
Marine transportation services provider, Chuan Hup Holdings Limited (“Chuan Hup” or “Group”), announced that its subsidiary, ACIS Holdings Limited (“ACIS”) has disposed of its entire 10 percent stake in Dredging International Asia Pacific Pte Ltd (“DIAP”) for S$15.2 million. Chuan Hup estimates the net profit before tax attributable to this sale to be S$5.5 million. The cash sale of 6.3 million ordinary DIAP shares, representing 10 percent of the total issued share capital of DIAP, was made to Tideway B.V. (“Tideway”) of the Netherlands. The remaining 90 percent of DIAP is owned by Pacific Dredging Corporation B.V. (“Pacific Dredging”). Both Pacific Dredging and Tideway are wholly-owned subsidiaries of Dredging, Environmental and Marine Engineering N.V., a Belgian hydraulic engineering, dredging and offshore contractor. Chuan Hup’s finance director, Lim Kwee Siah, said, “This sale is in keeping with our Group’s continuing efforts to focus on our core competencies as a marine transportation service provider. As such, we are divesting our non-core businesses whenever favourable opportunities arise to enhance shareholder value.” Excluding the Group’s chairman, Dr. Tan Cheng Bock and managing director, Mr. Peh Kwee Chim, who are non-executive directors of DIAP, no director or substantial shareholder of Chuan Hup has any interest in the transaction.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Apply Now for the MN 100

The August 2015 edition of Marine News, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

Boatbuilding in China

While much of the focus on coverage of the Chinese shipbuilding industry is on big shipbuilding, Maritime Reporter switches gears this month to explore activities in select boatbuilding sectors.

Ingram Barge’s Sehrt Elected AWO Chairman

The members of the American Waterways Operators (AWO), the national trade association representing the tugboat, towboat and barge industry, elected a new slate

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2124 sec (5 req/sec)