Investor Relations - News
Increase Of Shareholdings In MTQ Subsea Technology Pte Ltd
The Board of Directors of Metalock (Singapore) Limited ("the Company or MSL") is pleased to announce that the Company had increased its shareholdings in MTQ Subsea Technology Pte Ltd ("MTQST") from S$3,000,000.00 to S$4,000,000.00 by subscribing for 1,000,000 ordinary shares of S$1.00 each at par. Concurrently, Mr Samuel Bernard Sassoon, Director of MSL and Managing Director of MTQST and the key employees of MTQST had subscribed for 300,000 ordinary shares of S$1.00 each at par.
Following the subscription and allotment, the issued and paid-up capital of MTQST increased from S$4,200,000.00 to S$5,500,000.00 of which MSL holds 4,000,000 ordinary shares representing 72.73% equity in MTQST. Mr Samuel Bernard Sassoon holds 19.45% and the remaining 7.82% are held by key employees of MTQST.
The increase in paid-up capital of MTQST is to provide for additional working capital required to build two mid-range Swiss ROV ("remotely operated vehicles") systems which is expected to be completed by the end of the financial year.
The above transaction was funded through internal resources.
The transaction is not expected to have any material impact on the net tangible assets per share or earnings per share of the Company in the current financial year.
Save as disclosed above, none of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the transaction.
BY ORDER OF THE BOARD
METALOCK (SINGAPORE) LIMITED
FONG CHOON SENG
COMPANY SECRETARY