SILK Holdings Bhd (“SILK”) announces that its subsidiary, Jasa Merin (Malaysia) Sdn Bhd (“Jasa Merin”), has entered into two separate Memorandum of Agreement on 26 September 2012 to acquire two units of 120 Ton Bollard Pull DP2 Anchor Handling Tug Supply vessels, each from Muhibbah Engineering Berhad (“MEMB”) and from wholly-owned subsidiary of MEMB, CB International Engineering Sdn Bhd at the purchase price of RM120.3 Million each, and Jasa Merin has partly settled RM8.0 Million for each vessel.
Both of the vessels to be acquired were built in 2011 and both are Malaysian Flag/Registry.
Internally generated funds and bank borrowings will fund the purchase of the vessels.
Both of the acquisitions are expected to complete upon delivery of the respective vessel by fourth quarter of 2012.
The Acquisitions are in line with the fleet renewal and expansion plan of SILK Group.
It will increase the Group’s gearing as the purchase considerations for the vessels will be partly funded by bank borrowings.
[mappress] Press Release, September 27, 2012