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DISPOSAL OF VESSEL

SILK HOLDINGS BERHAD

TypeAnnouncement
SubjectDISPOSAL OF VESSEL
Contents1. INTRODUCTION

SILK Holdings Bhd (“SILK”) is pleased to announce that its subsidiary, Jasa Merin (Malaysia) Sdn Bhd (“JM”) had on 31 March 2010 entered into a Sale and Purchase Agreement (“SPA”) to dispose a vessel for a total consideration of Ringgit Malaysia Thirty Million (RM 30,000,000.00).

2. DESCRIPTION OF VESSEL

The vessel, known as MV JM Perkasa is a 5500 bhp AHTS, built in 2003 and is a Malaysian flagged vessel with Port Klang as the port of registry bearing registration number 9298090. The vessel has a gross tonnage of 1075 tons and net tonnage of 352 tons.

The audited net book value as at 28th February 2010 is RM 18.6 Million.

3. DETAILS OF THE DISPOSAL

The sale consideration of RM 30.0 Million is to be satisfied entirely in cash.

The price was arrived at on a willing-buyer willing-seller basis. The sales proceeds will be utilized partially to retire an existing loan of the vessel of RM 13.7 Million with the balance retained for working capital purposes.

The completion of the SPA is expected by first half of 2010. Upon completion of the sale, JM will charter the said vessel from the purchaser, on short term basis up to 4th quarter 2010 to fulfill its present contract. The vessel will be replaced by JM’s new vessel to be delivered in 4th quarter of 2010.

4. RATIONALE FOR THE DISPOSAL

The sale is part of JM’s continuous on going fleet renewal and replacement programme in the ordinary course of its business.

5. THE EFFECTS OF THE DISPOSAL

The abovementioned disposal will contribute positively to the earnings and assets of SILK for the financial year ending 31 July 2010. It will also result in a reduction in borrowings.

6. APPROVAL REQUIRED

The disposal is not conditional upon any approval being obtained from any authorities.

7. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the disposal.

8. DIRECTORS’ STATEMENT

The Board of SILK is of the opinion that the disposal is in the best interest of SILK Group.

This announcement is dated 31 March 2010.


Announcement Info

Company NameSILK HOLDINGS BERHAD  
Stock Name SILKHLD    
Date Announced31 Mar 2010  
CategoryGeneral Announcement
Reference NoCAS-100331-9B373


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