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OTHERS DISPOSAL OF VESSEL BY TKH MARINE (L) LTD., AN INDIRECT WHOLLY OWNED SUBSIDIARY OF M&G

MARINE & GENERAL BERHAD

Type Announcement
Subject OTHERS
Description
DISPOSAL OF VESSEL BY TKH MARINE (L) LTD., AN INDIRECT WHOLLY OWNED SUBSIDIARY OF M&G

INTRODUCTION

 

The Board of Directors ("Board") of Marine & General Berhad ("M&G" or "the Company") wishes to announce that the wholly owned subsidiary of M&G namely, TKH Marine (L) Ltd. (“TKH Marine”) had on 26 December 2023 disposed 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”).

 

TKH Marine was incorporated on 14 August 2017, in accordance with the provision of the Labuan Companies Act 1990. TKH Marine has a paid-up share capital of USD4,478,451 and is principally engaged in the provision of vessel tanker services.

 

DETAILS OF THE DISPOSAL

 

The disposal involved the sale of a vessel namely, JM Sutera 7 for a total cash consideration of USD5.8 million (equivalent to approximately RM27.2 million) to an external party, Narsimhaa Shipping Inc., Liberia, on a willing buyer and willing seller basis.

 

RATIONALE FOR THE DISPOSAL

 

The disposal of the vessel will enable M&G 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.

 

FINANCIAL IMPACT OF THE DISPOSAL

 

The Disposal will not have any effect on the issued and paid-up capital and shareholdings of the substantial shareholders of M&G. 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.

 

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

 

None of the directors or major shareholders or person connected to the directors or major shareholders has any interest, direct or indirect in the Disposal.

 

APPROVAL REQUIRED

 

The disposal, being of a revenue nature and transacted in the ordinary course of business, is not subject to shareholders or the regulatory bodies’ approval.

 

This announcement is dated 26 December 2023.






Announcement Info

Company Name MARINE & GENERAL BERHAD
Stock Name M&G
Date Announced 26 Dec 2023
Category General Announcement for PLC
Reference Number GA1-07122023-00054



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