Incorporation of New Subsidiary in India
The Board of Directors of Samudera Shipping Line Ltd
(the "Company") wishes to announce that the
Company has incorporated an enterprise in India, Samudera
Shipping Line (India) Private Limited ("Samudera
- India" or the "Subsidiary"). The Company
and its subsidiary, Foremost Maritime Pte Ltd, jointly
owned SSL India and have a full management control over
this entity.
Samudera - India, a company incorporated in Mumbai,
has an authorized share capital of Rs2,500,000 comprising
of 250,000 equity shares of par value Rs10/- each, of
which 10,000 equity shares have been issued at par and
fully paid up. The Subsidiary is expected to be in full
operation by the beginning of 2004.
Samudera established its presence in the Indian Subcontinent
in 1995, through NVOCC operation. In late 1996, its
inaugural feeder service connected Mumbai with Singapore.
Samudera has now grown to be an important player connecting
Indian Subcontinent to Middle East in the west and South
East Asia and Far East to the east. Samudera now operates
8 services, with a frequency of service ranging between
once a week and twice a week, deploying 7 vessels on
its own as well as using space from its slot partners,
covering 10 ports in India.
The principal activity of Samudera – India shall
mainly be to conduct the business of container shipping.
The Management believes that with the establishment
of Samudera - India, the Company will strengthen its
operational control enabling it to achieve cost efficiency.
In addition, through local attention, it expects to
offer an improved level of service to its customers.
The Company said that its equity investment in Samudera
- India is consistent with its stated strategy of GO
REGIONAL, i.e. to expand geographically. The establishment
of Samudera - India sends a clear signal to the market
place that Samudera is indeed very committed to serve
and develop India market.
In addition, Samudera's presence in India provides the
Group a strategic position to explore business opportunities
in other areas of interest, such as Industrial Shipping,
Logistics etc., in that region.
The investment 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.
Mr Anwarsyah, Mr Dhrubajyoti Das and Mr Saut Hutauruk
are directors of both the Company and the Subsidiary.
Saved as disclosed above, none of the other directors
or controlling shareholders of the Company has any direct
or indirect interest in the subject matter of this announcement.
Submitted by
Dhrubajyoti Das, Executive Director
on 08/09/2003 to the SGX |
