Chuan Hup ends venture with TricoNews // February 15, 2002
CHO sold its 51 per cent stake in CHH-Trico to Trico Marine International BV (TMI) for a total cash consideration of $1.00. The consideration was arrived at on a "willing buyer, willing seller" basis. As at current date, CHH-Trico has a negative NTA of $1,737.00 and CHO's share of the NTA is negative $886.00.
CHH-Trico was set up as a joint venture between CHO and the US marine services group Trico to extend Chuan Hup's geographical reach to the Gulf of Mexico, the North Sea and Latin America. However, as there have been no activities and operations since thecommencement of the joint venture, Chuan Hup has decided to divest of its stake in CHH-Trico.
None of the Directors or substantial shareholders of Chuan Hup have any direct or indirect interest in the transaction. As CHH-Trico is dormant and has not yet commenced operations, the transaction will not have any effect on the net earnings per share or net tangible assets per share of Chuan Hup for the financial year ending 30 June 2002.