Divestment from Maritime Mermaid Ltd

Lombard Investments Inc. is expected to report an outstanding divestment performance when Mermaid Maritime Ltd. is listed. A provider of marine safety and offshore sub-sea engineering businesses, Maritime Mermaid is majority-owned by Thoresen Thai Agencies, the second largest shipping company in Thailand. It is planning to become a publicly-listed company on Singapore Securities Exchange Ltd. by the fourth quarter of the year.

Maritime Mermaid had already rewarded its earlier investors. In October 2006 when the Singapore-based UOB Venture Management sold its holdings in Maritime Mermaid, the private equity firm recorded a 2.6-fold return of capital.

Since 2004, Lombard Investments had journeyed with Maritime Mermaid. It first invested US$18.7 million in the company. When UOB Venture Management took up a stake in Maritime Mermaid in April 2005, Lombard Investments participated in this round of financing and increased its holdings in the company through an additional US$7.2 million commitment. Currently, the San Francisco-based private equity firm, which specialises in seeking investment opportunities in Southeast Asia, holds an approximate 22% equity stake in Maritime Mermaid. (Thailand)

(Extracted from Asian Private Equity Journal - August 2007)