General Announcement::THE STREAMLINING OF THE SHAREHOLDING STRUCTURE OF PT PELAYARAN NASIONAL BINA BUANA RAYA TBK

Issuer & Securities

Issuer/ Manager
MARCO POLO MARINE LTD.
Securities
MARCO POLO MARINE LTD. - SG1W14938268 - 5LY
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
29-Jul-2014 19:41:47
Status
New
Announcement Sub Title
THE STREAMLINING OF THE SHAREHOLDING STRUCTURE OF PT PELAYARAN NASIONAL BINA BUANA RAYA TBK
Announcement Reference
SG140729OTHRM4YX
Submitted By (Co./ Ind. Name)
HO KIAN TECK
Designation
FINANCIAL CONTROLLER
Effective Date and Time of the event
29/07/2014 19:40:00
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the Board ) of Marco Polo Marine Ltd (the Company ) would like to inform that the Company has, via PT Marcopolo Indonesia ( MI ), a wholly-owned Indonesia incorporated subsidiary of the Company, acquired all the 1,499 million ordinary shares in BBR held by the Company, representing 39.8% of the equity interest in BBR, through its wholly-owned Singapore incorporated subsidiary, Marco Polo Shipping Co Pte Ltd ( MPSC ), for a consideration of IDR194,972 million (approximate to S$20.3 million) (the Streamlining Acquisition ).

MI, which presently has a paid-up share capital of IDR933.5 million, comprising 100,000 ordinary shares of par IDR9,335 each held through MP Shipping Pte Ltd ( MPS ) and MP Ventures Pte Ltd ( MPV ), both wholly-owned Singapore incorporated subsidiaries of the Company, in the ratio of 99:1 in favour of MPS, has an existing direct equity interest of 9.8% in BBR.

Notwithstanding the Streamlining Acquisition:
1. BBR shall, for the purpose of accounting and financial reporting, continue to be treated as a subsidiary of the Company; and
2. the Company s total equity interest in BBR, directly and indirectly, remains at 49.6%.

The Streamlining Acquisition, which was carried out with a view to better reflect the Indonesian identity of BBR, does not result in any material impact on the financial performance or position of the Company and its subsidiaries (the Group ).

Attachments

MPMTHESTREAMLININGOFTHESHAREHOLDINGSTRUCTUREOFPTPELAYARANNASIONALBINABUANARAYATBK.pdf
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