Wilmar Ship Holdings Pte. Ltd., a wholly-owned ship owner and operator of the Company, has acquired a 60% interest in Raffles Shipping Corporation Pte. Ltd. From its Founder and CEO Captain Kenny Beh and his associates for a total cash consideration of USD9.6 million. The purchase consideration was determined on an arm’s length, willing–buyer, willing-seller negotiated price basis and is equal to a Price/Earnings ratio of 1.9 times projected 2008 earnings. The acquisition takes effect on 1 November 2008. This acquisition will not have a material impact on Wilmar’s current year’s earnings.
RSC is one of the largest ship chartering agents in Singapore. In 2007, RSC managed 22 vessels with an approximate combined tonnage of 800,000 Dead Weight Tonnes. Captain Kenny Beh has 23 years in the shipping industry including 17 years as Chairman and CEO of the RSC group of companies.
RSC will manage and operate WSH’s fleet of liquid oil tankers, provide ancillary support services like bunkering, full technical management and act as freight managers for the Group.
“RSC has been a value-adding partner of Wilmar and we look forward to its continued growth as a member of the Group”, says Chairman Kuok Khoon Hong.
Captain Kenny Beh added “We are pleased to have Wilmar as our majority shareholder.
RSC’s partnership with Wilmar started in 1991 and we are happy to have been able to support Wilmar’s fast growing shipping requirements over the last 17 years. With Wilmar as our major shareholder, we are confident that RSC is better positioned to take advantage of the sizeable growth in third-party shipping services in the region and internationally.”
WSH also has a wholly owned subsidiary, Raffles Shipping International Pte. Ltd., which is an approved entity under the Approved International Shipping Enterprise Scheme. Under the AIS, RSI enjoys a tax concession as well as other fiscal incentive which encourages international shipowning and ship-operating companies to establish operations in Singapore.
RSC is one of the largest ship chartering agents in Singapore. In 2007, RSC managed 22 vessels with an approximate combined tonnage of 800,000 Dead Weight Tonnes. Captain Kenny Beh has 23 years in the shipping industry including 17 years as Chairman and CEO of the RSC group of companies.
RSC will manage and operate WSH’s fleet of liquid oil tankers, provide ancillary support services like bunkering, full technical management and act as freight managers for the Group.
“RSC has been a value-adding partner of Wilmar and we look forward to its continued growth as a member of the Group”, says Chairman Kuok Khoon Hong.
Captain Kenny Beh added “We are pleased to have Wilmar as our majority shareholder.
RSC’s partnership with Wilmar started in 1991 and we are happy to have been able to support Wilmar’s fast growing shipping requirements over the last 17 years. With Wilmar as our major shareholder, we are confident that RSC is better positioned to take advantage of the sizeable growth in third-party shipping services in the region and internationally.”
WSH also has a wholly owned subsidiary, Raffles Shipping International Pte. Ltd., which is an approved entity under the Approved International Shipping Enterprise Scheme. Under the AIS, RSI enjoys a tax concession as well as other fiscal incentive which encourages international shipowning and ship-operating companies to establish operations in Singapore.