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    Otto Marine invests in Hako Offshore

    Company News // July 21, 2010

    The Board of Directors of Otto Marine Limited has announced that its wholly-owned subsidiary, Otto Ventures Pte Ltd (Otto Ventures), has entered into a subscription agreement with Hako Offshore Pte Ltd, a provider of integrated marine offshore services, to subscribe for 3,175,000 new ordinary shares in the capital of Hako Offshore, representing approximately 19.9 per cent of the entire issued and paid-up share capital of Hako Offshore.

    The aggregate cash consideration for the subscription of the new shares by Otto Ventures is S$4,762,500. The Consideration was arrived at on a wiling-buyer-willing-seller basis and the subscription was funded by internal resources.

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