Completion of the Acquisition of 50 % of FR8
10 Marzo 2008 - 5:06PM
PR Newswire (US)
COPENHAGEN, March 10 /PRNewswire-FirstCall/ -- On 24 January 2008
A/S Dampskibsselskabet TORM (TORM) announced that TORM had acquired
50 % of FR8 Holdings Pte. Ltd. (FR8), a subsidiary of the
international oil trader Projector S.A. The transaction has now
been approved by all relevant competition authorities and the
completion of the acquisition of 50 % of FR8 occurred today Monday,
10 March 2008, where the share certificates corresponding to 50 %
of FR8 were transferred to TORM. Projector S.A. will continue to
control the remaining 50 % of the shares in FR8. About TORM TORM is
one of the world's leading carriers of refined oil products as well
as being a significant participant in the dry bulk market. The
Company operates a combined fleet of more than 130 modern vessels,
principally through a pooling cooperation with other respected
shipping companies who share TORM's commitment to safety,
environmental responsibility and customer service. TORM was founded
in 1889. The Company conducts business worldwide and is
headquartered in Copenhagen, Denmark. TORM's shares are listed on
the Copenhagen Stock Exchange (ticker TORM) as well as on the
NASDAQ (ticker TRMD). For further information, please visit
http://www.torm.com/. Safe Harbor Forward Looking Statements
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views
with respect to future events and financial performance and may
include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, Management's examination
of historical operating trends, data contained in our records and
other data available from third parties. Although TORM believes
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, TORM cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections. Important
factors that, in our view, could cause actual results to differ
materially from those discussed in the forward looking statements
include the strength of world economies and currencies, changes in
charter hire rates and vessel values, changes in demand for "tonne
miles" of oil carried by oil tankers, the effect of changes in
OPEC's petroleum production levels and worldwide oil consumption
and storage, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled dry-docking, changes in
TORM's operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations
including requirements for double hull tankers or actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents and
political events or acts by terrorists. Risks and uncertainties are
further described in reports filed by TORM with the US Securities
and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K.Forward looking statements are
based on management's current evaluation, and TORM is only under
obligation to update and change the listed expectations to the
extent required by law. DATASOURCE: A/S Dampskibsselskabet TORM
CONTACT: Contact: A/S Dampskibsselskabet TORM, Telephone
+45-39-17-92-00, Tuborg Havnevej, 18 Klaus Kjaerulff, CEODK-2900,
Hellerup, Denmark
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