The Board of Directors (the "Board") of Samudera Shipping Line Ltd (the "Company") wishes to announce that the Company has increased its investment in Samudera Indonesia Singapore Pte Ltd ("SISIN") through the acquisition of the remaining 6% or 300 shares of S$100.00 each in the capital of SISIN for a consideration of S$489,977.00. The purchase consideration was derived from the net asset value of SISIN as at 31 December 2002, on a willing-buyer willing-seller basis.
The acquisition resulted in SISIN becoming a wholly owned subsidiary of the Company, which is in line with the Group's plan to have a 100% equity stake in SISIN.
The above investment was funded through internal resources and is not expected to have any significant impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year.