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”).
