Swiber announces acquisition of shares in Pape Indonesia
The Board of Directors of Swiber Holdings Limited and together with its subsidiaries announces, that PAPE Engineering Pte. Lt d. (“ PAPE ”), an indirect wholly-owned subsidiary of Swiber, had acquired 2,000 share s of IDR1,000,000.00 each, representing 80% equity interest in the share capital of PT PAPE Indonesia, a company incorporated in Indonesia, for a total cash consideration of IDR2,000,000,000.00 by way of acquisition from its existing shareholders and the subscription of new shares, the company said in its press release.
Following the acquisition, PT PAPE became a subsidiary of PAPE. PT PAPE is principally engaged in oil and gas engin eering support services in Indonesia.
The Acquisition was funded through internal resources and is not expected to have any material financi al impact on the consolidated net tangible assets per share and consolidated earnings per share of Swiber and its Group for the current financial year ending 31 December 2013, and does not constitute a disclo seable transaction under Rule 1010 of the Singapore Exchange Securities Trading Limited’s Listing Manual.
