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Change – Change In Corporate Information :: Increase Of Investment In Wholly-Owned Subsidiary

by April 23, 2016 General

f48719e3-01b2-44d9-9a54-00f5cad90899.pdf OTTO MARINE LIMITED(UEN : 197902647M)(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)INCREASE OF INVESTMENT IN WHOLLY-OWNED SUBSIDIARYOtto Marine Limited (the “Company” and collectively with its subsidiaries, the “Group”) wishes to announce that the Otto Investment Limited (“Otto Investment”), a wholly-owned subsidiary of the Company, has been issued with fully paid shares in Surf Subsea Pte. Ltd. (“Surf Subsea”) pursuant to the capitalisation of a loan of USD42,710,075 (approximately SGD57,231,501) (the “Loan”) owed by Surf Subsea to Otto Investment. After the issuance of the full paid shares, Surf Subsea remains a wholly-owned subsidiary of the Group.Consequent to the above investment, the issued and paid-up capital of Surf Subsea has been increased from S$28,201,202 to S$85,432,703.The above investment is not expected to have any material impact on the net tangible assets per share and earnings per share of the Company and the Group for the current financial year ending 31 December 2016.Save for their respective shareholdings in the Company, none of the Directors and/or controlling shareholders of the Company have any interest, direct or indirect, on the above investment.Submitted byChong Sieh JiuanChief Financial Officer and Joint Company Secretary 23 April 2016Otto Marine Limited issued this content on 23 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 April 2016 01:01:06 UTCOriginal Document: