Technics Targets Vigahs Acquisition
The board of directors of Technics Oil & Gas Limited announced that its subsidiary V Offshore Engineering Pte. Ltd. (VOE) has entered into a nonbinding memorandum of understanding (MOU) with Goh Choon Huat, Koa Wee Boon, Senavannaido Duruvasai and Koa Susie in relation to a proposed acquisition of 74% of the entire issued and paid-up capital of Vigahs Marine Technologies Pte. Ltd. by VOE. Based on the information available to the company, the target company is a company incorporated in Singapore and is in business of repairing and building of ships, tankers and other ocean-going vessels. Pursuant to the MOU, the vendors will transfer 74% of the total issued share capital in the target company to VOE at a maximum aggregate consideration of S$5,299,880.
Drydocks World Creditors Approve J/V Scheme
Background: On 27 June 2012, DDW announced that it had entered into a joint venture agreement with Pacific Carriers Limited ("PCL"), a wholly-owned subsidiary of Kuok (Singapore) Limited. The SEA Group would, following completion of the transaction, be managed as a joint venture between DDW and PCL and would be called DDW-PaxOcean Asia. Pte Ltd. Completion of this transaction was conditional on, amongst other things, the Schemes being approved by the Creditors. The creditors meeting duly approved the proposed schemes, commenting Khamis Juma Buamim, Chairman of Drydocks World and Maritime World said: “I am pleased with this strong support and overwhelming commitment from our creditors to keep the company sustainable and poised for growth with all its great potentials.
