EA Technique has executed an agreement for the sale of its vessel, namely Nautica Renggam to Korean-based C&M Co Ltd for a total cash consideration of USD5.05 million or approximately RM21.39 million.
- The PN17 listed company says the proposed disposal is not expected to result in the company becoming a Cash Company under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. The principal activities of C&M are inner port ship sailing business, ship rental business trade business, and the housing business.
- NRG is an oil/chemical tanker and she was purchased by the Company on 13 May 2016 with the original cost of RM18.0 million. The audited net book value of NRG as of 31 December 2021 was RM18.40 million. EA Technique is disposing the vessel for the purpose of raising funds for working capital and offloading non income-generating assets.
- The net book value of the subject asset as at 31 March 2022 is approximately RM18.40 million, and an estimated gain of RM1.13 million is expected to arise from the transaction.
