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Viking Offshore And Marine Ltd's Marshal Systems Private Limited Announces Acquisition Of Share In Marshal Offshore and Marine Engrg Co., Ltd

Monday, 2 Sep 2013 06:08am EDT 

Viking Offshore And Marine Ltd announced that its wholly owned subsidiary, Marshal Systems Private Limited (Marshal Systems) has acquired from Mr Tay Mong Seng, one share in the capital of Marshal Offshore and Marine Engrg Co., Ltd, a Company incorporated in the People's Republic of China with its Registered Office at 20 Zhongnan Century City, Unit 2204/2205 Nantong City, Jiangsu Province, China 226007 for an initial cash consideration of SGD300,000. An additional consideration of up to SGD350,000 is proportionately payable based on the total attributable sales (for the period from January 1, 2011 to December 31, 2013) achieved against the target of SGD5,800,000, subject to the terms and conditions as stipulated in the Sale and Purchase Agreement. Subsequent to the above transaction, Marshal Systems will hold 1 share being 100% of the total issued capital of Marshal Offshore and Marine Engrg Co., Ltd. The above acquisition was funded by internal resources. 

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