Otto Marine attracts potential buyer

The potential transaction was highlighted by a letter sent to Otto Marine from RHB Securities Singapore, which is acting as the financial adviser to the potential buyer.

“On behalf of the offerer, we would like to inform the board of directors of the company that we may initiate a transaction which may or may not lead to an acquisition of the issued share capital of the company,” the RHB letter said.

“We intend to submit a formal proposal to the board as soon as possible. We will disclose the identity of the offeror and the details of the proposed transaction in our proposal,” the letter said.

Singapore-listed Otto Marine has halted trading of its shares pending the further announcements on the proposal.

Otto Marine highlighted that there is presently “no firm intention by this potential offeror to make an offer to shareholders for their shares in the company and there is no certainty or assurance that such an offer will materialise.”