On behalf of Keystone Shipping Co. Ltd.: To sell M/V “Palona” to the ultimate parent company in 2021Q2.
Posted in Company News
1.Name and nature of the underlying asset (e.g., land located at Sublot XX, Lot XX, North District, Taichung City): ”Palona” Kamsarmax Bulker, 81,676 DWT. 2.Date of occurrence of the event:2021/05/11 3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping), unit price, and total transaction price: One Kamsarmax Bulker/Transaction Price: Book value as at delivery day. Estimated transaction price would be about US$20,669 thousand.(estimated book value as at June 30, 2021) 4.Trading counterparty and its relationship with the Company (if the trading counterparty is a natural person and furthermore is not a related party of the Company, the name of the trading counterparty is not required to be disclosed): Sincere Navigation Corporation, ultimate parent company, owned 100% of shares of Keystone Shipping Co. Ltd. 5.Where the trading counterparty is a related party, announcement shall also be made of the reason for choosing the related party as trading counterparty and the identity of the previous owner, its relationship with the Company and the trading counterparty, and the previous date and monetary amount of transfer: Group's business strategy consideration. Plan to transfer the bulk ”Palona” to Sincere Navigation Corporation and change the flag to Marshall Islands. 6.Where an owner of the underlying assets within the past five years has been a related party of the Company, the announcement shall also include the date and price of acquisition and disposal by the related party, and its relationship with the Company at the time of the transaction:N/A 7.Projected gain (or loss) through disposal (not applicable for acquisition of assets; those with deferral should provide a table explaining recognition): No expected loss/gain. 8.Terms of delivery or payment (including payment period and monetary amount), restrictive covenants in the contract, and other important terms and conditions: The purchase price should be collected within 3 months after delivery. 9.The manner of deciding on this transaction (such as invitation to tender, price comparison, or price negotiation), the reference basis for the decision on price, and the decision-making unit: Using Book value as the transaction price./The Board of Directors of the Company. 10.Name of the professional appraisal firm or company and its appraisal price: Arrow Valuations/ USD 23 million. 11.Name of the professional appraiser:N/A 12.Practice certificate number of the professional appraiser: N/A 13.The appraisal report has a limited price, specific price, or special price:N/A. 14.An appraisal report has not yet been obtained:N/A 15.Reason for an appraisal report not being obtained:N/A 16.Reason for any significant discrepancy with the appraisal reports and opinion of the CPA:N/A 17.Name of the CPA firm:N/A 18.Name of the CPA:N/A 19.Practice certificate number of the CPA:N/A 20.Broker and broker's fee:N/A 21.Concrete purpose or use of the acquisition or disposal: Group's business strategy consideration. 22.Any dissenting opinions of directors to the present transaction:No. 23.Whether the counterparty of the current transaction is a related party:Yes. 24.Date of the board of directors resolution:2021/05/11 25.Date of ratification by supervisors or approval by the audit committee:2021/05/11 26.The transaction is to acquire a real property or right-of-use asset from a related party:No. 27.The price assessed in accordance with the Article 16 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies:N/A 28.Where the above assessed price is lower than the transaction price, the price assessed in accordance with the Article 17 of the same regulations:N/A 29.Any other matters that need to be specified: Will update the information of transaction once the transaction/delivery date confirm.