General Announcement::New Joint Venture
Issuer & Securities
Issuer/ Manager
GOLDEN AGRI-RESOURCES LTD
Securities
GOLDEN AGRI-RESOURCES LTD - MU0117U00026 - E5H
Stapled Security
No
Announcement Details
Announcement Title
General Announcement
Date &Time of Broadcast
05-Oct-2018 17:19:04
Status
New
Announcement Sub Title
New Joint Venture
Announcement Reference
SG181005OTHRH1FQ
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Director, Corporate Secretarial
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Golden Agri-Resources Ltd ("GAR" and together with its subsidiaries, the "Group") wishes to inform that its 50%-owned joint venture company, Golden-Agri Stena Pte. Ltd. ("GASPL"), has on 5 October 2018 entered into a shareholders' agreement ("Agreement") with Bay Crest Management Pte Ltd ("BCMPL") to manage and operate tankers for freight business.
Under the Agreement, GASPL and BCMPL shall incorporate a new company ("NewCo") with an initial investment of US$2 million, contributed in the ratio of 51% and 49% respectively, for the purposes of NewCo's working capital and day-to-day operations.
BCMPL brings the experience in, and knowledge of, cargo shipping to the NewCo.
By Order of the Board
GOLDEN AGRI-RESOURCES LTD
Rafael Buhay Concepcion, Jr.
Director
5 October 2018
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