Swissco in proposed acquisition of marine group VM

SWISSCO Holdings on Tuesday announced that its wholly owned subsidiary Swissco International Pte Ltd will acquire the VM Group from a Melvin Rodrigues.

The VM Group comprises VM Marine International Ltd, which is the parent company of VM Offshore Pte Ltd and its wholly owned subsidiary VM Offshore India Pvt Limited; VM Services Ltd; and Savannah International Offshore Ltd.

According to Swissco, Mr Rodrigues and associates also own Chanella Offshore Inc and Galileo Ship Management & Travel Private Ltd, and are in the process of transferring this shareholding to VM Marine International Ltd.

Upon completion of the restructuring, these companies will form part of the VM Group to be acquired by Swissco.

Swissco added that its shareholders should note that "no definitive agreements have been entered into in relation to the proposed acquisition".