Triyards drops plan to acquire Australian yard

JANUARY 3, 2014 — Singapore based shipbuilder and fabricator Triyards Holdings Limited won't be going ahead with plans to acquire a property from Henderson Supply Base Pty Ltd  known as Lot 5 Clarence Beach Road, Henderson, Western Australia.

Completion did not take place as planned by December 31 last year and Triyards said today that the conditional contract of sale has been terminated. and SAV Land will therefore not proceed with the Proposed Acquisition.

When it announced plans to acquire the property last year for A$6.75 million, Triyards described it as a "well-sited logistics and supply base within the shipbuilding and marine-related belt of Western Australia" and said that the acquisition would open up  new opportunities to establish its presence and name in Australia, that it would immediately enjoy revenue from the growing supply and logistics business and that it would use the yard as a base to expand its ship repair services beyond Vietnam.

Today, Triyards said "the non-completion of the proposed acquisition is not expected to have a material financial impact on the company."