SINGAPORE (Yosefardi) – Nam Cheong Limited, through its whollyowned subsidiary Nam Cheong Pioneer Sdn Bhd (NCP), has entered into a Cooperation Agreement with PT Bahtera Niaga Internasional (BNI), a company duly incorporated and validity existing under the laws of Republic of Indonesia and Ms Nelly, an Indonesian citizen (Nelly) to jointly invest in a shipping company in Indonesia.
Pursuant to the Co-operation Agreement, NCP will acquire 49% of the equity stake in PT Bahtera Niaga Indonesia (JV Co) from BNI for the purchase consideration of US$1.5 million.
The consideration was arrived at on a ‘willing-buyer willing-seller’ basis, taking into account of the business prospect of the JV Co and the net tangible asset of the JV Co of US$2.3 million as at 31 August 2013, and will be satisfied in cash through internal resources.
The purpose and objectives of the JV Co is the owning, operating and chartering of marine vessels for transportation, exploration and production activities in the oil and gas industry and to manage the maintenance of marine vessel and provision of offshore marine service and all other related businesses and activities, which includes the obtaining of all necessary consents and approvals in connection therewith and the carrying out of all ancillary activities.