Sep 15, 2016

    Otto Marine requests trading halt

    OFFSHORE marine group Otto Marine, which has received an offer to be taken private, yesterday morning requested for an immediate halt to the trading of its shares on Singapore Exchange (SGX).

    In a filing to SGX, it said the request was made in view of a pending announcement.

    Otto Marine had received in June a takeover offer by its executive chairman, Malaysian tycoon Yaw Chee Siew.

    The offer was at 32 cents per share.

    On Tuesday evening, heavy equipment supplier and vessel charterer Hoe Leong said a previous application filed

    by Otto Marine with the Singapore High Court to

    wind up the company

    has been withdrawn.

    The withdrawal comes "upon payment of US$920,000 (S$1.25 million) without admission of liability that the debt is due",

    Hoe Leong said.

    The sum is understood to be due from the dissolution

    of a vessel-owning joint venture between the

    two companies in 2014.

    Otto Marine said last month it had filed the winding-up application. It was understood to be tightening its debt collection upon demands

    from its own trade creditors.

    Shares of Otto Marine closed on Tuesday at $0.315 apiece, flat from its close

    on Friday last week.