Rig Tenders Indonesia tbk PT (JKSE:RIGS) entered into a conditional shares purchase agreement to acquire CH Logistics Pte. Ltd. and CH Ship Management Pte. Ltd. and Grundtvig Marine Pte Ltd from Scomi Marine Services Pte. Ltd. for $57 million on February 29, 2012. Under the terms of agreement, Rig Tenders will issue Vendor notes worth $57 million as consideration. CH Logistics, reported profit after tax of $0.09 million and net assets of $1 million, CH Ship Management, reported profit after tax of $0.34 million and net assets of $1 million and Grundtvig Marine, reported profit after tax of $0.005 million and net assets of $6.4 million for the year ending December 31, 2011. The transaction is subject to all governmental and regulatory approvals, approval by the Board of Directors of Scomi Marine Services, approval by lenders and creditors and approval of Board and shareholders of Rig Tenders Indonesia. On April 9, 2012, shareholders of Rig Tenders Indonesia tbk PT approved the transaction. Scomi Marine Services will use the proceeds from the sale for cash dividends and partial loan repayment. Transaction is expected to complete in the second quarter of 2012. Yanuar Bey & Rekan acted as the valuer in the deal. Kadir Andri & Partners acted as legal advisor for Scomi Marine Services Pte. Ltd. Rig Tenders Indonesia tbk PT (JKSE:RIGS) completed the acquisition of CH Logistics Pte. Ltd. and CH Ship Management Pte. Ltd. and Grundtvig Marine Pte Ltd from Scomi Marine Services Pte. Ltd. on April 12, 2012.