First Ship Lease Trust (FSL) chairman Wong Meng Meng has vacated his posiion & the company admits there were differences in opinion in respect of the conduct of a board meeting.
Earlier, on 30th June 2013 FSL, had requested a share trading halt, and on 4th July they further requested the Singapore Exchange to suspend trading in its shares
First Ship Lease Trust
According to the company's website, FSL Trust is a Singapore business trust that provides lease financing solutions to the international maritime industry. FSL Trust currently owns a diversified portfolio of 25 vessels with an average age of seven and a half years. FSL Trust derives stable long-term cashflow primarily through leasing its vessels on long-term bareboat charter basis to international shipping companies. FSL Trust is listed on the main board of the Singapore Exchange and its ADRs are quoted on International OTCQX.