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

Solving the LNG Propulsion Puzzle

The last piece of the LNG infrastructure puzzle, in the form of North America’s first LNG bunker barge, falls into place at Conrad’s Orange, Texas Shipyard. With

Royal IHC Launches Sister Pipelay Vessels

Netherlands-based Royal IHC today named and launched new pipelaying sister vessels, Sapura Jade and Sapura Ônix, in ceremonies at the company’s shipyard in Krimpen aan den IJssel, The Netherlands.

Arctic Offshore Rig Gets USCG Escort

U.S. Coast Guard (USCG) crews escorted heavy lift ship Blue Marlin as it toted a controversial 38,000-metric-ton drilling rig into Port Angeles, Wash., Friday. Blue Marlin,

Finance

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1133 sec (9 req/sec)