Press Release: CKSE aquiring shares of Brødrene Aa AS

Hong Kong based Chu Kong Shipping Enterprises (Holding) (CKSE) purchases through a daughter company 40 % of the Norwegian fast boat yard Brødrene Aa AS

On December 16th 2015 in Hong Kong, Deputy GM Leng Buli  in Chu Kong Shipping Enterprises Co., Ltd and Director/CEO Tor Øyvin Aa in Brødrene Aa Eigedom AS/Brødrene Aa AS signed an agreement for the sale and purchase of 40% of the shares in Brødrene Aa AS (Br.Aa). The CEO and Deputy GM of the utmost parent company, the Chairman/ CEO’s, directors of purchasing group and advisors attended the signing. From Br.Aa attended the chairman, managers and advisors. The parties are looking forward to final approvals from both board of directors.

The investment includes a significant private placement of shares in Br.Aa, which will give Br.Aa very solid financial muscles for future development.

Brødrene Aa is situated in Hyen, Sogn og Fjordane, Norway and is mainly manufacturing fast commercial passenger vessels built in carbon fiber composite in the range of 20 – 41 meter. These vessels are considered to be the state of the art for this kind of vessels. The yard has built 50 carbon fiber vessels including those under construction, and is widely recognized as a global leader in its field.

The purchasing Group companies are operating approx. 50 passenger fast ferries in the Hong Kong waters and Mainland China, and is thus the biggest operator in the area.

The cooperation between the parties have already started with the shipbuilding contracts and construction of two (2) 41 meter catamarans in carbon fiber composite.

The Chu Kong Shipping Group and her affiliated company will raise new yard facilities in Mainland China for outfitting and construction of carbon fiber vessels based on the Br. Aa-technology. This will give the cooperation a new dimension and provide a very competitive product to the market.

Br.Aa will establish a company in Hong Kong which together with Br.Aa in Norway will take care of marketing, sales and engineering, and will assist in setting up and run the new “state of the art” yard in Mainland China. The transactions prove the strength of the Br. Aa-technology, know-how and competence.

A large market and an increased capacity will strengthen the competitive power of the yards and can optimize the comparative advantages between the yards in the two countries.

Tor Øyvin Aa
CEO Brødrene Aa AS
                    

Contacts:  
CEO: Tor Øyvin Aa                      +47 95057187                                                             
Chairman: Leif Riksheim            +47 90836860