ICP

ICP has been pretty quiet on the corporate front, the last meaningful news was 2 wks back where in line with the Co’s proposed entry into the marine industry, the grp will acquire 2 tanker owning entities, The GMT Group, which are shipowners that currently provide leasing services to the marine bunkering industry. Based on the unaudited financial statements of the GMT Group as at 31 December 2012, the a NAv of the GMT Group is approximately S$3.3m and the assets of the GMT Group comprise mainly of 2 double-hull Petroleum Product Tankers. Pursuant to the terms of the Agreement, the completion of the Proposed Transactions is condition upon, inter alia, a valuation on the Tankers being performed by a reputable independent valuer such that as at 31 Dec12, the value of the Tankers shall not be less than S$17.25m; and (ii) the revalued NAV of the GMT Group shall not be less than $5.9m.