Viking Offshore and Marine Limited (“the Company”) announced that its whollyowned subsidiary, Marshal Systems Private Limited (“Marshal Systems”) has acquired from Mr Tay Mong Seng, one share in the capital of Marshal Offshore and Marine Engrg Co., Ltd, a Company incorporated in the People's Republic of China for an initial cash consideration of S$300,000, Viking Offshore said in a press release.
An additional consideration of up to S$350,000 is proportionately payable based on the total attributable sales (for the period from 1 January 2011 to 31 December 2013) achieved against the target of S$5,800,000, subject to the terms and conditions as stipulated in the Sale and Purchase Agreement.
The net tangible asset value of the acquisition of Marshal Offshore and Marine Engrg Co., Ltd is S$215,000 based on the audited financial statements for the financial year ended 31 December 2012.
Subsequent to the above transaction, Marshal Systems will hold 1 share being 100% of the total issued capital of Marshal Offshore and Marine Engrg Co., Ltd.
The above acquisition was funded by internal resources and the transaction is not expected to have any material effect on the net tangible assets per share or earnings per share of the Company for the current financial year ending 31 December 2013.
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