Swissco waived from obtaining shareholders' approval for vessel disposal

SWISSCO Holdings has been waived from the requirement to obtain shareholders' approval for the proposed sale of Coral Knight vessel by its subsidiary, Swissco Offshore, to Australian Maritime Systems Asset Holdings Pty Ltd (AMSA).

The judicial managers of the group said in a Singapore Exchange (SGX) filing on Monday that SGX has not objected to its waiver application concerning the proposed disposal.

The company has sought the waiver on the grounds that Coral Knight is mortgaged to OCBC Bank as security to facilities extended to Swissco. As such, if shareholders do not grant the approval for the sale of the vessel, OCBC may have the right to possess and dispose of the vessel.

Under the circumstances of a forced sale, the estimated vessel price is US$5 million, lower compared to the US$7.2 million agreed with AMSA.