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 August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Tuco Marine Sells First ProZero Fast Workboat

Tuco Marine Group says that it has sold its first boat shortly after the launch of ProZero, the new range of boats for the professional market. The vessel was sold

Marcon Brokers Sale of Ocean-Going Tugboat

Marcon International, Inc. of Coupeville, Washington, says it has sold the U.S. flag ocean-going twin screw tug "Melvin E. Lemmerhirt" to U.S. buyers on a private & confidential basis.

DNV Type Approved Anchor Winch for the Arctic Prowler

JK Fabrication has landed DNV certification for its 40-30-3000-DNV series Anchor Winch. Culminating a two-year process, JK’s C-series winch was at last awarded

Finance

SEACOR Holdings Announces Q2 Results

SEACOR Holdings Inc. has announced its results for its second quarter ended June 30, 2014. For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc.

Asia-N.Europe Container Freight Rates Jump 21%

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 21 percent to $1,455 per 20-foot container (TEU) in the week ended on Friday,

Dan-Bunkering Restructures for Expansion

Bunker trading company A/S Dan-Bunkering Ltd. introduced a new organizational structure effective August 1, 2014. The company said the move was made to maintain its position,

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1122 sec (9 req/sec)