Mooreast Holdings Provides Further Update on Major Shipyard Property Acquisition

Key Points from the Announcement

• Proposed Acquisition: Mooreast Holdings Ltd., via its wholly-owned subsidiary Mooreast Asia Pte. Ltd., is in the process of acquiring a significant property located at Lot 4022P and Lot 4097V, Mukim 7, 60 Shipyard Crescent, Singapore 627735.
• Property Details: The targeted property comprises two lots:
  • Lot 4022P: 93,902.6 square meters
  • Lot 4097V: 5,015.8 square meters

  The acquisition also includes all existing plant, equipment, and machineries (P&M) situated on the property.

• Vendor: The seller is Seatrium New Energy Limited.
• Option to Purchase (OTP): The original OTP was granted on 10 June 2024, setting out the terms and conditions for the acquisition.
• Extension of Long Stop Date: On 31 December 2025, a second letter agreement was signed to extend the “Long Stop Date” for the OTP from 31 December 2025 to 31 January 2026, or such other date as may be mutually agreed. This extension is to allow additional time to secure the necessary regulatory approvals.
• Other Terms Unchanged: All other terms and conditions of the OTP remain in full force and effect.
• No Director or Major Shareholder Interest: None of the directors or controlling shareholders have any direct or indirect interest in the extension of the Long Stop Date.

Important Shareholder Information and Potential Market Impact

• Material Event: The extension of the Long Stop Date is a material event as it directly affects the timeline for the completion of this substantial acquisition. Delays in securing regulatory approvals and closing the acquisition could influence the company’s strategic plans, future revenues, and valuation.
• Potential Share Price Sensitivity: Investors should be aware that any further delays, changes in terms, or failure to secure the necessary approvals could be viewed negatively by the market, potentially affecting Mooreast Holdings’ share price. Conversely, successful completion of this acquisition could significantly enhance the company’s asset base and operational capabilities, which may support share value.
• Shareholder Guidance: Shareholders are advised to read this and all future announcements carefully. The company explicitly cautions shareholders to refrain from taking any action with respect to their securities that could be prejudicial to their interests and to exercise caution when dealing in the securities of the company. If in doubt, they should consult professional advisers.
• Further Announcements: The company will provide updates on material developments related to the proposed acquisition.
• Regulatory Oversight: The announcement has been reviewed by UOB Kay Hian Private Limited, the company’s sponsor. However, the Singapore Exchange Securities Trading Limited (SGX-ST) has not examined or approved the contents and assumes no responsibility for their accuracy.

Conclusion

The extension of the Long Stop Date for Mooreast Holdings Ltd.’s proposed acquisition of a major shipyard property is a noteworthy development. This acquisition, if completed, could have a significant positive impact on the company’s strategic positioning in the region. However, investors should monitor further updates closely, as any material changes or delays could influence the company’s prospects and share price. Caution is advised until the transaction is concluded.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should perform their own due diligence and consult their financial advisors before making any investment decisions. The views expressed are based on the information provided in the official company announcement and do not reflect the views of any regulatory body or exchange. No liability is accepted for any loss arising from reliance on this article.

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