SINGAPORE, Nov. 20, 2015 /PRNewswire/ -- Jasper Investments Limited (SGX: FQ7) is pleased to announce the following developments:
Signing of Contracts relating to Vessel Management and Operations
New Wholly-Owned Subsidiary
The Company has accepted the transfer of Garnet 9 Carriers Pte. Ltd. ("Garnet 9"), a company incorporated under the laws of Singapore on 9 September 2015, for a consideration of S$1.00 being the amount of Garnet 9's issued and paid-up share capital as at the time of transfer. Accordingly, Garnet 9 is constituted as a wholly-owned subsidiary of the Company. As at the time of the transfer, Garnet 9 has a book value of S$1.00 with no asset or liability. Garnet 9 has been set up for the purpose of undertaking the business of managing the provision of barge transportation services. In this regard and as at the time of the aforesaid transfer, Garnet 9 has entered into a contract with an unrelated third party Chinese construction engineering company based in Zhuhai, China (the "Contract Principal") pursuant to which Garnet 9 will manage and operate one set of tug-and-barge for the transportation of rocks and other materials for an infrastructure project in the southern region of China undertaken by the Contract Principal.
Contracts relating to Vessel Management and Operations
Following the transfer of Garnet 9 to the Company and in addition to the above-mentioned barge transportation contract, Garnet 9 has been awarded a second contract by the Contract Principal to manage and operate a second set of tug-and-barge to provide similar transportation services for the same project. In connection with and for the purposes of the two management and operations contracts which are for one-year period each, Garnet 9 has secured two sets of tugs and barges on a one-year time charter from a subsidiary of POET Investment Holdings Pte Ltd ("POET") subject to certain conditions precedent including the re-flagging of the vessels for deployment in China. POET is a supplier and engineer of marine equipment and vessels in Asia-Pacific. Barring unforeseen circumstances, Garnet 9 expects the first of the vessels to be deployed by the end of December 2015. POET has further granted Garnet 9 options to charter up to four (4) additional sets of tugs and barges subject to the terms of charterparty contracts to be negotiated and entered into. Garnet 9 is in advance talks with the Contract Principal for another four barge transportation contracts similar to the two contracts which have been entered into and will, subject to agreement on terms, exercise the aforesaid options to charter the additional tugs and barges from POET at the appropriate point of time.
About Jasper Investments Limited
Jasper Investments Limited (www.jasperinvests.com) is listed on the mainboard of the Singapore Exchange since 1993. The Company and its subsidiary are engaged in the provision of vessel transport and management services.
Steven Simpson
Chairman
Jasper Investments Limited
For media enquiries, please contact:
Glenn Ow
+65-6226-2342
info@jasperinvests.com
