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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

New Dredger for North Carolina’s Coastal Waterways

The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28,

A Sea Change in Waterjet Technology

Longtime waterjet propulsion equipment provider NAMJet introduces key advancements for the workboat sector. Back in 2011, when boat builder Birdon went looking

Finance

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1135 sec (9 req/sec)