Disposal of Vessels
The Board of Directors of Samudera Shipping Line Ltd
(the "Company" or "Samudera") wishes
to announce that the Company has disposed its two vessels
(collectively the "Vessels") in February 2004.
Basis of Consideration
The total consideration for the sale of the Vessels
is US$12,620,000.00 (equivalent to approximately S$
21.45 million, based on the exchange rate of US Dollar
1 to Singapore Dollar 1.70). The consideration was arrived
at on a willing-buyer-willing-seller basis. The consideration
upon receipt will be used for the acquisition of either
new or second-hand vessels and to finance the Group's
business expansion.
The net book value of the Vessels disposed off, as at
31 January 2004 is approximately S$17.81 million and
the gain on disposal is appromixately S$2.98 million.
The Group's net asset value as at 30 September 2003
is S$201.58 million.
Since the Vessels were not in full operational capacity
during 2003, it would not be meaningful to compute the
net profit/(loss) attributable to the Vessels with accuracy
and to compare it against the Group's net profit of
S$2.19 million for the third quarter of FY2003.
The total sale consideration of the Vessels is approximately
10.30% of the Group's market capitalization of S$208.24
million as at 25 February 2004.
Financial Impact
SSL Group
|
Before Disposal
of Vessels |
After Disposal of
Vessels |
| Net Tangible Assets per ordinary share (cents) |
42.18 |
42.83 |
| Earnings per ordinary share (cents) |
2.76 |
3.41 |
The financial impacts as set out above are based on
the audited accounts of the Company and Group for the
financial year ended 31 December 2002.
Rationale for the Sale
The disposal is inline with the Company's plan to have
a younger fleet of owned vessels, which benefits the
Company operationally and in turn, provides a better
service to customers and strengthen the Group's position
to expand its business.
None of the Directors or controlling shareholders of
the Company has any interest, direct or indirect, in
the disposal of the Vessels.
Submitted by
Anwarsyah, Executive Director
on 26/02/2004 to the SGX
