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chriscyng ( Date: 10-Mar-2010 22:56) Posted:
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Company Registration No. 199408433W
JOINT VENTURE
The Board of Directors of HOE LEONG CORPORATION LTD (“the Company”) is
pleased to announce that the Company has signed another Joint Venture Agreement
(“JVA”) with Supreme Oilfield Services Pte Ltd (“SOS”) to further develop its business
in the oil and gas industry.
SOS is a company incorporated in Singapore in 1981 and is involved in the charter of
vessels and other equipment to the oil and gas industry.
The Company has acquired shares in the joint venture entity “Supreme Voyager Pte.
Ltd.” (“SVPL”), a company incorporated in Singapore.
SVPL will be principally engaged in the business of owning, chartering and managing
all types of offshore equipment and vessels of all kinds and other related activities
including offshore supply vessels to be used in drilling and other offshore projects.
SVPL has signed a Memorandum of Agreement to acquire an offshore supply vessel
from Jaya Shipbuilding and Engineering Pte Ltd at a price of US$18,000,000.00.
This vessel, JAYA VOYAGER is to be renamed SUPREME VOYAGER. SVPL has
at hand a contract to employ this vessel in an offshore drilling project, for a period of
3 years with option for two further extensions of 1 year each.
Pursuant to the JVA, the issued capital of SVPL will be US$1,500,000.00 divided into
1,500,000 shares. SOS will invest US$450,000.00 (30%) and the Company will
invest US$1,050,000.00 (70%) in the share capital of SVPL. SVPL is a subsidiary of
the Company.
The joint venture will be partly funded from the proceeds of the recently completed
Private Placements and financing from financial institution.
The board of directors of SVPL will comprise of 5 directors. SOS will appoint 2
directors and the Company will appoint 3 directors to SVPL’s board of directors.
The directors do not anticipate that the transaction/investment in SVPL will have any
material impact on the earnings of the Company’s current financial year.
None of the substantial shareholders or directors of the Company has any interest,
direct or indirect, in the aforesaid joint venture, save through their shareholdings in
the Company.
On Behalf of the Board
Kuah Geok Lin
Chairman and Chief Executive Officer
4 November 2009
maxcty ( Date: 04-Nov-2009 14:16) Posted:
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Ha ha, as usual, AK dun recommend wat to buy. 2Ys apply.
Should STI break n stay above 2700, free sparing liao, esp those mid cap component stocks n medical related counters. He he, u should know wat r d hot stuff liao, some were hinted in d forum by sifus. Cheers.
PS. China banking sectors soaring for last few days. NYSE Citi also not bad, but ppty seems no strength as writting off loan n weak paying still d teething issue over there.
maxcty ( Date: 14-Oct-2009 12:15) Posted:
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hi AK..yes..do 100 % agree with u this burger rush too fast since last week liao. abit late to enter now...
I looking at SAR, ezra and this burger for now...
SAR still moving around 2~2.06 range...
ezra also rise too fast and drop some today...this burger also....
any burger to recommend?
AK_Francis ( Date: 14-Oct-2009 12:06) Posted:
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Ha ha, got other better toys to play mah. Ds burger rushes over 100% within a forthnight?? Wat u think?
maxcty ( Date: 14-Oct-2009 11:22) Posted:
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Last week fr 27 cts to 38.5cts.
Last Mon closed at 39.5cts, best yesterday closed at 47 with huge vol.
Today, ha ha, hope not last burst of fire.
Folks behind d scence got well paid as well???
what happen with this counter????? suddenly shoot up in the sky like no ending......???
any comments