General Announcement :: Indonesian Navy’s “MV Diamantina” Cattle Carrier
BENG KUANG NAVY LIMITED
Registration number 199400196M
THE LIVESTOCK CARRIER “MV DIAMANTINA” HELD BY THE INDONESIAN NAVY
The board of directors of Beng Kuang Marine Limited (the “Company” and together with its subsidiaries, the “Group”) wish to inform the shareholders of the Company that one of the two livestock carriers has been detained by the Indonesian Navy for having anchored in unauthorized area. The vessel – “MV Diamantina” – is owned by Cattle Line Two Pte Ltd (“CLT”), a 70% owned subsidiary.
CLT has engaged a local Indonesian agent to liaise with the relevant authorities and is actively seeking legal advice to address and rectify the issue. The management of CLT is of the opinion that the manager of the vessel did not respect good vessel management practices and failed to fulfill his obligations as vessel manager with regard to the incident. As a result, CLT served a termination letter to terminate the vessel’s management services.
The above is expected to have a significant impact on the Group’s net assets per share and earnings per share for the current year ended December 31, 2021.
The Group will make further announcements as soon as there are important developments on this issue.
Shareholders and potential investors of the Company are invited to carefully read this announcement and any other announcement made by the Company. Shareholders and potential investors of the Company are urged to exercise caution when trading in the securities of the Company. Shareholders and potential investors of the Company should consult their stockbrokers, bank managers, lawyers or other professional advisers if in any doubt as to the action they should take.
BY ORDER OF THE COUNCIL
Chua Beng Yong
October 7, 2021
Beng Kuang Marine Limited published this content on 07 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 07 October 2021 11:56:03 AM UTC.