Otto Marine Gets Acquisition Offer
After last week's media reports that an undisclosed party was looking to buy Singapores offshore marine company Otto Marine Limited, the company said that it received a proposal from RHB Securities Singapore Pte Ltd (RHB).
RHB is the financial adviser to the potential offer. The name of the potential party who is looking to buy the company is undisclosed.
If the acquisition materialises, Otto Marine may be the first in the struggling sector to be privatised.
"On Sunday, June 5 2016, (Otto Marine) informed RHB that if no formal proposal is received by 5pm on June 6, pursuant to Chapter 13 of the Listing Rules, the company will proceed to lift the trading halt on its shares at the commencement of trading on June 7. As at the time of making this announcement, no formal proposal has been received," chief executive Michael See said in a filing to the Singapore Exchange at 3pm on June 6.
Otto Marine received a proposal from RHB in relation to a de-listing, which carries certain conditions. However, nothing has been finalised.