Vosta LMG and ASL Marine Group have agreed on a conditional sale and purchase agreement. CFT International GmbH is also part of this agreement.
Synergies and Strengthening Geographical Presence
Vosta LMG’s business is complementary to ASL’s current business segments of shipbuilding, ship repair and conversion and ship chartering. Apart from synergies to be derived on many aspects of the operations and increasing the scope of services to include design and engineering, ASL can also strengthen its geographical presence by tapping on Vosta LMG’s existing customer base through their offices in the Netherlands, Germany, UAE, India, Singapore, China and the USA.
Independent Business Operations
ASL intends to maintain independent and normal business operations at Vosta LMG post acquisition. Vosta LMG does not own shipyards or fabrication plants. Therefore, it works with various shipyards and fabrication plants on its turnkey projects. The acquisition will not result in all the company's projects to be undertaken at ASL’s shipyards. The selection of the yard will be dependent on price, quality, and client preference.
Business Model
Mr. K.T. Ang entered into a contract for takeover of 100% of the shares by Leo Dynamische Investering BV, which is a wholly owned subsidiary of ASL Marine Group. The takeover follows on many years of cooperation between the companies, which explains ASL's interest in Vosta's business model. The same business model is also the main reason for the Managing Director of ASL Marine Group to explicitly state the intention of a going concern of business of Vosta LMG Group and CFT International GmbH.
In the following period Vosta LMG and ASL Marine Group will take further important steps in finalising the takeover process.
