Otto Ventures, wholly-owned by Otto Marine, will pay A$661,112 ($689,000) to acquire the additional of approximately 13.22m ordinary shares in Go Marine.
“In addition, Otto Ventures has agreed with the shareholders of Go Marine holding the remaining 36,111,107 ordinary shares in the share capital of Go Marine to extend the option period over their Go Marine shares until 31 May 2012,” Otto Marine said.
“The company expects that the increase in its Otto Ventures' shareholding in Go Marine will have a positive contribution to its financial results for its full year 2012,” the Singapore-listed firm added.
Otto Marine believed that its investment into Go Marine will provide the company with a platform for offering marine services to the burgeoning Australian oil and gas market.
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