Otto Marine to delist on exit offer deal

Executive chairman Yaw Chee Siew is currently Otto Marine’s controlling shareholder owning 61.2% of the total issued share capital.

Yaw’s special purpose vehicle firm Ocean International Capital, which does not own any shares in Otto Marine to-date, has made an exit offer price of SGD0.32 ($0.24) per share for Otto Marine.

Otto Marine said that the delisting proposal and exit offer would allow accepting shareholders to realise their investments in the company for a cash consideration at a premium of 39.13% over the last transacted price per share on 1 June 2016.

Otto Marine, listed in Singapore since 2008, had announced earlier that it received a letter from RHB Securities Singapore saying that a potential buyer is interested to acquire shares of the company. RHB Securities Singapore is acting as the financial adviser to the offerer.

The new owner has “no current intention” of making any changes to Otto Marine’s existing business or re-deploying the group’s fixed assets, Otto Marine affirmed.

Otto Marine is principally engaged in offshore vessel construction, repair and conversion, fabrication, chartering, management and leasing of vessels as well as subsea activities.