Joint Venture Company set up with United
Transportation Group Limited and PT Jpt Satuan Harapan
The Board of Directors of Samudera Shipping Line Ltd
(the "Company") wishes to announce that the
Company entered into a joint venture agreement with
United Transportation Group Limited and PT JPT Satuan
Harapan to set up a joint venture company in Indonesia,
PT Jardine Tangguh Transport Services (the "JV
Company"). The incorporation of the JV Company
was recently approved by the Ministry of Justice and
Human Rights in Indonesia on 21 May 2003 and the operations
of the JV Company commenced with effect from 1 June
2003.
The JV Company has an authorised share capital of US$1,000,000.00
consisting of 1,000,000 ordinary shares of par value
US$1.00 each, of which 400,000 ordinary shares have
already been issued at par and fully paid up by the
parties in accordance with their shareholding in the
JV Company. The shareholding in the JV Company is as
follows :-
| |
(a) |
United Transportation Group Limited ("UTGL")
- 50% |
| |
|
|
| |
(b) |
The Company - 40% |
| |
|
|
| |
(c) |
PT JPT Satuan Harapan ("PT JSH") -
10% |
It is also a term of the joint venture agreement that
the joint venture parties are to provide a shareholders'
loan with interest to the JV Company, the principal
amount totalling US$400,000.00 in accordance with their
respective shareholdings in the JV Company upon receipt
of the approval by the Ministry of Justice and Human
Rights in Indonesia in relation to the incorporation
of the JV Company.
UTGL is a company incorporated in Mauritius and is a
wholly-owned subsidiary of Jardine Pacific Holdings
Limited. Its ultimate holding company is Jardine Matheson
Holdings Limited. PT JSH is a company incorporated in
Indonesia of which 99.9% of its issued shares are owned
by PT Samudera Indonesia Tangguh (deemed as the controlling
shareholder of the Company pursuant to the provisions
of the SGX-ST Listing Manual). Mr Randy Effendi is the
President Commissioner of PT JSH and Mr Hamdi Adnan
is one of the directors in PT JSH, both of whom are
also directors in the Company. PT JSH is one of the
parties to the joint venture as it is a requirement
under Indonesian law for an Indonesian local company
to be one of the shareholders before the JV Company
could be granted a forwarding agent licence.
The subscription of the 160,000 ordinary shares in the
JV Company, being 40% of the issued shares of the JV
Company has been funded by internal sources.
The principal activity of the JV Company is to carry
on the business as an international freight forwarder
based in Indonesia and to represent and/ or act as agent
for other freight forwarding or shipping companies.
The rationale for the joint venture is to enable the
Company to partner with the Jardines group and expand
its existing business as well as explore new business
opportunities whenever it arises. The Jardines group
of companies is involved in the business of supermarkets,
consumer marketing, engineering and construction, insurance
broking, motor trading, property, hotels as well as
in the aviation and shipping industry. On 7 January
2003, the Company had announced a joint venture agreement
with Jardine Matheson (Malaysia) Sdn. Bhd. for the purpose
of carrying on the business as general shipping agents
in Malaysia.
This joint venture is not expected to have any material
effect on the earnings per share and/ or the net tangible
assets per share of the Company for the financial year
ending 31 December 2003.
Save as is disclosed in this Announcement, none of the
directors or substantial shareholders of the Company
has any direct or indirect interest in this joint venture.
BY ORDER OF THE BOARD
Submitted by
Anwarsyah, Executive Director
on 13/06/2003 to the SGX
