Otto Marine ends JV - acquires shares in Aries OffshoreCompany News // February 17, 2014
The board of directors of Otto Marine Limited has announced that the company, its wholly-owned subsidiary, Otto Ventures Pte Ltd (OVPL), Hoe Leong Corporation Ltd
(HLC), Aries Offshore Singapore Pte Ltd and its four wholly-owned subsidiaries have entered into a deed of settlement in connection with the termination of their joint venture investment in the Aries Group.
Pursuant to the deed, OVPL will inter alia, acquire HLC’s 51 per cent of the shares in Aries for a consideration of US$1 and the mutual release and discharge of any and all claims which the Otto Entities and HCL may have against each other.
On completion of the acquisition, Aries will become a wholly-owned subsidiary of
the company and OVPL.