Otto Marine appoints financial advisor for takeover bid

Singapore-listed Otto Marine has received an offer made by its executive chairman Yaw Chee Siew to take the company private via his investment vehicle firm Ocean International Capital Limited.

Yaw currently owns 61.2% of the total issued share capital of Otto Marine, and Ocean International Capital, which does not own any shares in Otto Marine, has made an offer price of SGD0.32 ($0.24) per share.

The exit offer price represents a premium of 39.13% over Otto Marine’s last transacted price per share on 1 June 2016.

“A circular for the purpose of convening an extraordinary general meeting to obtain shareholders’ approval for the proposed delisting and containing, inter alia, the advice of the independent financial adviser and the recommendations of the independent directors in relation to the exit offer will be despatched by the company to the shareholders in due course,” Otto Marine said in a statement.

The potential new owner of Otto Marine said it has no current intention of making any changes to the company’s existing business in the offshore and subsea markets.