Marine & General through its wholly owned subsidiary TKH Marine (L) Ltd. has announced the disposal of its vessel, JM Sutera 7 for a total cash consideration of USD5.8 million (equivalent to approximately RM27.2 million) to Narsimhaa Shipping Inc., Liberia. The disposal was conducted on a willing buyer and willing seller basis.
The group found the disposal as an opportune time as the it will enable the group to realise its original investment in the vessel that it acquired back in March 2018. At the same time the proceeds from the disposal will enable the Company to reinvest in its fleet rejuvenation to better serve its customers going forward.
M&G said the disposal will not have any effect on the issued and paid-up capital and shareholdings of the substantial shareholders Gain on disposal of the vessel amounting to approximately USD2 million (equivalent to approximately RM9 million) will contribute positively to the Group earnings, net assets and gearing of the Group.
