The Board of Directors of Samudera Shipping Line Ltd (the "Company") wishes to announce that Foremost Maritime Pte Ltd ("Foremost"), a wholly owned subsidiary of the Company, has on 24 September 2003 increased its paid-up capital from S$65,114,650 to S$68,685,250 by allotment of an additional of 3,570,600 ordinary shares of S$1.00 each, issued at par for USD2,062,500 to the Company.
The proceeds of USD2,062,500.00 from the increased paid-up capital by Foremost was to finance part payment for the purchase of a vessel, "SINAR BUNYU" (formerly known as "WOO HWANG"), for a consideration of USD5,625,000.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transactions.