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Sealegs seals $3m Malaysian deal

NZN 28/03/2017 Jonathan Underhill

Future Mobility Solutions says it has received an order for 23 amphibious craft from the Malaysian Civil Defence Force, a deal worth more than $3 million.

It represents the single biggest order for the company's Sealegs subsidiary and builds on existing sales to the Malaysian government, the company says.

"An order of this size will help our operating position over the next 12 months and set a precedent for other international government departments", said Sealegs chief executive David McKee Wright.

Future Mobility grew out of Auckland-based Sealegs, changing its name and NZX stock ticker in January, after signalling plans to expand into new markets such as drones and sea structures.

In December it announced plans to acquire a 70 per cent stake in SAS Sillinger from Groupe Marck for 2.1 million euros ($NZ32.m), 1.5 million euros in cash and 600,000 euros through the issuance of new Sealegs shares to Groupe Marck at 25 cents a share.

It also announced conditional agreement to buy a 50.1 per cent stake in Gemini Marine, also through the issue of new shares to the owners of Gemini at 25 cents a share.

Sillinger is headquartered in France and manufactures and sells a wide range of crafts, specialising in the military and defence sectors.

Gemini, based in Cape Town, South Africa, designs and manufactures a wide range of rigid-inflatable boats and inflatable boats for rescue, military and patrol entities in different countries.

As part of its global expansion ambitions, Future Mobility said it planned to list on an additional stock exchange in Europe within the next two years.

Its shares late traded at 15 cents and have surged 114 per cent in the past 12 months.

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