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Otto Marine redeems preference shares for S$12m
A WHOLLY-OWNED subsidiary of Otto Marine has fully redeemed preference shares from a Singapore private equity firm for S$12 million in cash.
The private equity firm had in September 2013 subscribed for S$10 million redeemable preference shares in Go Marine Investments Pte Ltd.
Otto Marine said the transaction is not expected to have any material impact on the company's net tangible assets or earnings for the current financial year.