Otto Marine Repays Debt to Get Winding Up Application Withdrawn

Singapore-listed Otto Marine Limited (the Company) referred Monday to an April 25 announcement that a creditor (Creditor) of the Company has filed a winding up application with the Singapore High Court to wind up the Company for an unpaid debt (Debt).

The Company wishes to announce that the Company has fully paid up the Debt of $200,000 and €900,000 to the Creditor, and the Creditor has undertaken to withdraw the Application.

The Company has taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate in all material aspects as at the date hereof and that no material facts have been omitted from this announcement.

The event is not expected to have a material impact on the financials of the Company for the financial year ending Dec. 31.

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