| Miscellaneous | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | MANHATTAN RESOURCES LIMITED |
| Company Registration No. | 199006289K |
| Announcement submitted on behalf of | MANHATTAN RESOURCES LIMITED |
| Announcement is submitted with respect to * | MANHATTAN RESOURCES LIMITED |
| Announcement is submitted by * | Ho Soo Ching |
| Designation * | CEO and Managing Director |
| Date & Time of Broacast | 29-Aug-2008 18:36:51 |
| Announcement No. | 00198 |
| Price Sensitivity | Yes |
| >> Announcement Details | |
| The details of the announcement start here ... |
| Announcement Title * | DISPOSAL OF FLOATING TRANSFER STATION BY ASL ENERGY PTE LTD |
| Description | 1. INTRODUCTION 1.1 The Disposal. The Board of Directors of Manhattan Resources Limited (the "Company") hereby announce that (a) pursuant to an option to purchase granted to the charterer or their nominee under an existing bareboat charter agreement dated 12 November 2004 signed between ASL Energy Pte Ltd ("ASLE") and P.T. Dermaga Perkasapratama (the "Charterer") the said option has been exercised today and consequently ASLE has today disposed off the said floating transfer station for cash of US$33,174,569.22, (b) ASLE which is an associated company jointly controlled by the Company and ASL Marine Holdings Ltd ("ASL Marine") and the Charterer is a company being controlled by Dato'' Low Tuck Kwong, who is a controlling shareholder of the Company (as defined in the listing manual (the "Listing Manual") of the Singapore Exchange Securities Trading Limited (the "SGX-ST")). 1.2 Purchase Consideration. The sale consideration was based on net book value of the floating transfer station, on the option exercise date, which was agreed in the bareboat charter agreement. 1.3 The Floating Transfer Station. The floating transfer station is a 65,000 deadweight tonne floating terminal pontoon chartered to the charterer for operations for 10 years. 2. FINANCIAL EFFECTS The disposal is not expected to have a material impact on the net tangible assets and result of ASLE and the Company. 3. INTERESTS OF DIRECTORS Mr Low Yi Ngo, a non-executive director of the Company, is the son of Dato'' Low Tuck Kwong, a controlling shareholder of the Company whose interest in the disposal set out in paragraph 1.1(b) above. Mr. Ho Soo Ching, the Chief Executive Officer and Managing Director of the Company, receives a monthly fee from Dato'' Low Tuck Kwong as part of his remuneration for continuing employment with the Company. Mr. Michael Sumarijanto Soegijono and Mr. Lee Kwong Foo, both non-executive directors of the Company, are commissari (board commissioners) of certain companies which are owned and controlled by Dato'' Low Tuck Kwong. BY ORDER OF THE BOARD Ho Soo Ching CEO and Managing Director 29 August 2008 Singapore |
© 2008 SGX News
