Hoe Leong Corporation Ltd Announces Withdrawal Of Winding Up Application Against Supreme Voyager Pte Ltd

Hoe Leong Corporation Ltd announced that in reference to its announcement on January 31, 2013, in relation to the winding up application against Company's subsidiary, Supreme Voyager Pte Ltd (SVPL). The Company and Supreme Voyager Pte Ltd have reached an amicable resolution with the other shareholder, Supreme Oilfield Services Pte Ltd (SOS), regarding disputes raised by SOS on the basis of just and equitable to do so under Section 254(1)(i) of the Companies Act, Cap. 50 in reliance on certain clauses of the Joint Venture Agreement dated November 3, 2009, entered into between the Company and SOS. SOS had withdrawn its application to wind up SVPL on February 8, 2013. The Company is in the course of preparing an agreement on the terms of settlement and will provide updates in due course.