FEDERAL INTERNATIONAL (2000) LTD Federal International (2000) Ltd
(Co. Reg. No. 199907113K)
47/49 Genting Road
Singapore 349489
FEDERAL GRANTED OPTION TO ACQUIRE 51.3% SHARES IN PT PETROSA NOVOMET INDONESIA
The Board of Directors ("Board") of Federal International (2000) Ltd (the "Company" and together with its subsidiaries, the "Group") refers to the earlier announcement made on 30 April 2015, "Federal explores opportunity to supply equipment to enhance output from marginal oil and gas fields" and wishes to announce that a subsidiary of the Group, has entered into an option agreement ("Option") to acquire 77 shares, representing 51.3% of the issued and paid‐up share capital of PT Petrosa Novomet Indonesia ("PTPNI").
PTPNI was incorporated in January 2015 to supply, lease and operate specialized equipment using advanced proprietary technology that is able to increase the production and yield of onshore and offshore oil and gas wells in Indonesia. Currently PTPNI is in active discussions with major oil companies in Indonesia to utilize and deploy its equipment. PTPNI's equipment can also be deployed to other countries looking to enhance output from their oil and gas fields. The investment in PTPNI will allow the Group to expand and strengthen its foothold in the upstream oil and gas sector in Indonesia under the Group's Resources business segment.
PTPNI has an issued and paid‐up capital of 150 shares and net tangible asset value of approximately Rp 150 million (about USD11,300). Under the Option, the Group will be acquiring PTPNI at its fair market value of approximately Rp 76.5 million (about USD5,800). On the basis of the foregoing figures, the relative figures as computed in accordance to Rule 1006 of the SGX‐ST listing manual are positive and less than 5%.
The above is not expected to have any material financial impact on the consolidated net tangible assets per share or consolidated earnings per share of the Company and the Group for the current financial year ending 31 December
2015.
Save for their shareholdings in the Company, none of the Directors nor substantial shareholders of the Company has any interests in the transaction. Shareholders and potential investors are advised to exercise caution when dealing in the Company's securities.
By Order of the Board
Mr Koh Kian Kiong
Executive Chairman and Chief Executive Officer
14 July 2015
Established in 1974 and listed on the Mainboard of the SGX‐ST in 2000, the Company is an integrated service provider and procurement specialist in the oil and gas, energy, utilities and infrastructure industries. From being a distributor of valves, the Company has transformed its business model to encompass research and development, design and manufacturing , as well as the supply and distribution of various flowline control products and related equipment for use in the oil and gas industries. The Company also owns and charters vessels under its Marine Logistics business segment. The Company's products include its own proprietary brands, as well as products from major European manufacturers.
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