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Ocean Wilsons Holdings Limited - Subsidiary Funding Announcement
Hamilton, Bermuda - 15 October, 2008 - Ocean Wilson Holdings Limited's (Ticker: OCN.BH) principal operating subsidiary, Wilson Sons Limited made the following announcement to the Brazilian, Bermuda and Luxembourg Stock Exchanges.
WILSON SONS LIMITED (Bovespa: WSON11) announces that, on 9th October, 2008, the Company's request for priority status has been approved by the Board of Directors' Council at the "FMM" (Portuguese initials for the "Merchant Marine Fund"). The Company's request for funding, in the order of USD$896 million, is intended for the construction of new vessels.
The use of proceeds is subject to analysis, approval and issuance of funds by an eligible financial agent with the FMM, and also subject to the Company's shipbuilding plan.