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.
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