KUALA LUMPUR: Bumi Armada announced yesterday that its wholly-owned subsidiary, Bumi Armada Offshore Holdings Sdn Bhd, has exercised an option to purchase a vessel named Rainbow River for a cash consideration of RM68 million.
In a filing with Bursa Malaysia, Bumi Armada said the acquisition is in line with its fleet expansion plan and will be completed upon delivery of the vessel, expected in 1Q12.
It said the purchase of the vessel is pursuant to a memorandum of agreement with Galaxy Naviera Maritime SA, Panama, dated Sept 28, 2011 and will be funded by internally generated funds.
The acquisition is not expected to have any material effects on the share capital, substantial shareholding, earnings or net assets of Bumi Armada for the FY11 ending Dec 31 and does not require any approval from shareholders or regulatory authorities, it said.
This article appeared in The Edge Financial Daily, December 28, 2011.
In a filing with Bursa Malaysia, Bumi Armada said the acquisition is in line with its fleet expansion plan and will be completed upon delivery of the vessel, expected in 1Q12.
It said the purchase of the vessel is pursuant to a memorandum of agreement with Galaxy Naviera Maritime SA, Panama, dated Sept 28, 2011 and will be funded by internally generated funds.
The acquisition is not expected to have any material effects on the share capital, substantial shareholding, earnings or net assets of Bumi Armada for the FY11 ending Dec 31 and does not require any approval from shareholders or regulatory authorities, it said.
This article appeared in The Edge Financial Daily, December 28, 2011.
