Investor Relations - News
MTQ Subsea Technology Pte Ltd
Further to our announcement of 29 January 2004, the Board of Directors of MTQ Corporation Limited (the "Company") wishes to announce that MTQ Subsea Limited has entered into a settlement agreement with its insurers for the loss of its remotely operated submersible vehicle unit, "PHOENIX II". Under the terms of the settlement agreement, the insurers will pay MTQ Subsea Limited ?650,000 (approximately S$2,010,000) in full and final settlement of its claim. MTQ Subsea Limited is a wholly owned subsidiary of MTQ Subsea Technology Pte Ltd, a 75% owned subsidiary of the Company.
We have made provisions for professional/legal fees in connection with the claim in our financial statements of S$300,000 each for the financial year ended 31 March 2003 and ending 31 March 2004 respectively. In view of the settlement with the insurers, we expect to write back an amount of approximately S$500,000 in our financial statements for the financial year ending 31 March 2004.
The settlement is not expected to have a material impact on the net tangible assets per share of the MTQ Group.
By order of the Board
Kuah Kok Kim
Chairman & Chief Executive Officer
MTQ Corporation Limited