Thoresen Thai Agencies Public Company Limited (“TTA”) hereby reports the sale of M.V. Thor Harmony on behalf of Thoresen Shipping Singapore Pte. Ltd., a wholly owned subsidiary company of TTA, as follows:
1. The Parties Involved:
Seller: Thoresen Shipping Singapore Pte. Ltd.
Buyer: Murali Maritime Inc.
Relationship between Buyer and Seller: None
2. Details of the Asset Disposed:
M.V. Thor Harmony is a general cargo vessel with a rated capacity of 47,111 DWT and was built in 2002.
3. General Characteristics of the Transaction:
M.V. Thor Harmony was sold at a price of USD 4,427,713 (United States Dollars Four Million Four Hundred Twenty Seven Thousand Seven Hundred and Thirteen), or Baht 151,513,682 (Baht One Hundred Fifty One Million Five Hundred Thirteen Thousand Six Hundred and Eighty Two), using a USD/THB exchange rate of 34.2194, which is the current market price.
After the sale of M.V. Thor Harmony, the Thoresen fleet will consist of 19 vessels with an average size of 52,841 DWT and an average age of 11.77 years.
4. Benefit from the Transaction:
The sale is in line with prevailing dry bulk shipping conditions, in which older vessels become less competitive and less able to meet operating costs. The Board of Directors of Thoresen Shipping Singapore Pte. Ltd. resolved to sell the said vessel, and the proceeds from the sale is in line with TTA’s strategy to improve the efficiency of the fleet and TTA’s fleet renewal program.
5. Size of the Transaction:
The total amount received from selling M.V. Thor Harmony equals to USD 4,427,713 (United States Dollars Four Million Four Hundred Twenty Seven Thousand Seven Hundred and Thirteen), or Baht 151,513,682 (Baht One Hundred Fifty One Million Five Hundred Thirteen Thousand Six Hundred and Eighty Two), using a USD/THB exchange rate of 34.2194. The size of the transaction equals 0.36% of the total assets of TTA and its subsidiaries as of 31 December 2016 (the total assets of TTA and its subsidiaries as of 31 December 2016 amounted to Baht 41,620,001,634).
When this transaction is included with other asset dispositions in the past six months, it is not subject to the Rules, Procedures and Disclosure of Information of the Stock Exchange of Thailand regarding the Connected Transactions or the Acquisition and Disposition of Assets of Listed Companies.
7. Delivery Date:
21 April 2017
Yours faithfully,
Thoresen Thai Agencies Public Company Limited
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Source: Thoresen Thai Agencies Public Company Limited
